The Q4 US GDP growth brought us not three cheers but two. The ECB’s 3-year financing facility has given risk assets wings and we have seen a spectacular rally over the last two months. The trend is your friend…until it bends. The test for this rally will be the end of the second ECB financing facility on February 29, with no provision for a third allocation penciled in. The Greek PSI (public sector involvement) deal has so far proven to be more elusive than the artist Banksy. For me, a political discord in Europe is the single biggest risk this year. I am cautious in the short-term and constructive in the medium term. If the new macro data fail to confirm the good numbers we have recently had (especially in the US), a pull back is possible. However with the Fed hinting of QE (Quantitative Easing) and the ECB more supportive in Europe; equity markets will continue to find a safety net for a rally to restart should there be a pullback.