2011 has been a tough year to trade, especially for trend following strategies. Post August 2011, the market has been volatile with no clear indication of direction. Only Dow Jones closed the year on a slightly positive note while the rest of the European and Asian indices were negative. Equity Markets

• +4.49% (Dow Jones Industrial Average)
• -1.12% (S&P 500)
• -3.21% (NASDAQ)
• -7.34% (FTSE 100)
• -15.61% (DAX)
• -18.68% (NIKKEI 225)
• -18.22% (STI)
• -19.00% (CAC 40)
• -21.34% (Hang Seng)

The funny thing is that most of the problems are with Europe and US, but Asian markets received the greatest beating. Again, the market showed its irrationality. Commodities

• +10.14% (Gold ETF)
• -10.14% (Silver ETF)

Trading Results for Dec 11: Open trades: Celgene – Bought $63.22 , now $67.59 (+6.9%) Closed trades: Olympus – Bought 740.4, sold 1,224.3 ......