Current positions

Short Euro / Long Gold

Short Yen ( Long Usd/JPY)

Short bonds ( long TBT)

Long emerging markets

This a.m. we’ll be paying attention to the Euro at 136 (short term tgt support) and the Gold closing stop of 1355.

Remember we legged this trade ( put on one side and then the other) if we get stopped out of the

Gold we should do just fine on the Euro.

83.60 Usd/Jpy should prove difficult Yen support early ( 119.60 ish futures).

I am looking for a move to the mid 85 level on Usd/Jpy.

30 Year…I will try to leave alone for a long time. I am looking for a test of the 41 level on the TBT.

When and if the Spu and nasd give sell signals all emerging markets will likely be exited.