The stock market decline after the Consumer confidence number came in weak seemed too easy an opportunity to go short. The market had been up five days in a row and was near technical resistance. So what happens the next day? All those bears find themselves in a trap, and either have to cover and take their lumps, or hold on with losses.
GLD (chart) is showing a pattern of lower lows, lower highs--that is bearish.
TLT showing some strength, and is still outperforming both GLD and SPY since January 1. Who would have thunk that? For the most part, the news hasn't been surprising, just the usually chatter and reports. However, the sentiment on Treasury bonds was so bearish at the start of the year, that even though the news was about as expect (perhaps a bit worse for bonds with the Chinese government reducing their bond buys) all the fundamental information was already factored into the price.
Long GLD, SPY, TLT, though all options have decayed to the point that I am closer to flat than long on all three.
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