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Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!

Tuesday, May 17, 2011

Out Of The long Treasury.

Back in mid Feb, I took a bullish, intermediate term perspective on the long bond. Here. Today,
I cleaned out this position for a nice profit. I held it longer than I wanted to, and the ride was bumpier
than I had hoped for, but it worked out. I regard the bond position I used  -- TLT -- as getting
overbought short term, so I could be back to it again if it corrects sharply. For now, notice the
RSI reading and the -D1 reading in the panel on the bottom of the chart.

There is a nice trend for TLT, so I could be getting out early. I might have hung around if the
$SPX had broken down badly today, but such was not the case. (See below for comments on the
SP 500).

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