2012 was another tumultuous year for most markets with one word best describing the whole year... uncertainty. Uncertainty continued to cloud all corners of the investing and trading world as a result of geopolitical and economic events that are still impacting the markets as we enter 2013. From a geopolitical perspective the Iranian nuclear standoff continues while the civil war in Syria rages on. On the other hand the evolving sovereign debt issues in the EU region as well as the US fiscal cliff continued to impact most risk asset classes especially the global equity markets. 2012 ended with most markets still trading on a macro basis or as many like to refer to as the risk on and risk off trading environment. Most all risk asset markets (both equities and commodities) can best be categorized as short term trading markets in 2012 rather than investment markets. Volatility was high and trends changed with little or no warning many times during the course of the year.