We’ve added to our TBT position as models are turning bearish for LT Treasuries. Gun to my head says that 2010 will be a flattish year for US equities but without a major breakdown. So, we have to capitalize on other markets a la Brazil on a pullback and the move back up in interest rates in the US.
My whacko ultra right wing barber is still convinced the dollar will crash and gold goes to $2000. Hmmm makes me think the dollar rally has legs, lots of legs and gold is kaput.
Long TBT, UGL.