The currency trade is all about the yen crosses..

AUD/JPY & CAD/JPY…look to buy as part of a Risk on bias on any 8-10 handle pull back in the Spu’s….

EURO/GOLD is starting to move…short Euro/Long Gold..

Longer term Holders of precious metals…as long as they remain higher on the month don’t look at them. Keep them in your sock drawer.

TLT…we dramatically reduced our risk profile by selling some off over 120. We realize that this is the opposite trade to our general Risk On portfolio. No matter what, it’s been a great trade.

Our last entry was 115.50 ish. let the market take you out of the remainder of the position on a closing basis. Why, because it’s a limited hedge against the longs and the 30 Yr. is still stuck in the middle of a big range.