Yesterday’s Chinese trade data was very respectable, excellent even, yet the market has focussed solely on the fact that imports were disappointingly low. This shows just how nervous the market is and all those risk-trades which were built up over a 3-month period are quickly being unwound as fear takes over. Now we will look to Friday’s GDP number and if it’s much lower than expected, then the bears will likely return in force screaming that ‘the end of the financial world is nigh’. Whatever happens, we should see lots of volatility between now and then.