Most of the board is directionally challenged.

Simply put a lot of instruments have come a long way and
prudent players are pairing back risk in some asset classes going into mid week Fed meeting.

There has been a lot of money made and traders are lightening up in Healthcare
and IBB and adding to their Natgas infrastructure names.

I am not one to fight the Fed and I still favor selling the 30 yr. on rallies.

By taking profits on half the Long TBT or Short 30 yr. Futures we can maintain a
downside bias and not worry about getting blown away.

We are still waiting for a couple of closes above 66 in the TBT for directional follow through.

We have traded against this level twice over the past couple of weeks and it continues to be the focal point for another move.