L'Information est d'Or

Excess leverage was at the root of the current economic crisis. This chart shows that debt is still increasing because of huge government spendings. We have a long way to go back to more sustainable levels... Source: John Mauldin's newsletter

The current rally is the biggest since World War II. A lot of good news are now priced in. Although the long-term outlook is still positive with the global economy getting out of recession, there is now significant risk of a short-term bear market. One could benefit from a pull-back by buying "short ETFs" like Lyxor Short CAC40 (code=SHC on Euronext Paris) or short commodities like ETFS Short Crude Oil (code=SOIL on LSE)