July 2013 +3.21% YTD 4.50%

Dear Investor,

July +3,21% YTD +4,50%

Finally, a month that is more quiet and in which some of the spreads have worked. I see it as one battle won, but to win the war we need more. The market continues to be very volatile with rather abrupt movements. This becomes more marked in August when most of the traders are on vacation and the interns are in charge!

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