Feb 8, 2005


Sticking with my plan and making some partial sales but not very much. I would say there is still another leg up in this rally. I am focusing the sales in my losing to flat positions.

I would be very leary of betting against the rally in dollars or bonds. The moves are sharp and probably need to base out for several weeks before turning the other way. Bonds in particular seem like they will target the 4.18 yield lows. Also be aware that bond volatility has increased significantly with this move up.

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