Even Steven [w/ edit]

[edit] As per the NFTRH Trade Log a few moments ago…

9.13.19: Taking profit on 2nd TBT position (still holding 1st as part of the makeshift curve steepener w/ SHY for now).

Speaking of balance, I am finally even on my TBT long-term bond bear position. Buy #1 is still -10% but buy #2 is +12%.

Now, this trade was not originally undertaken as a trade for its nominal performance. It was originally taken as my own in-house curve steepener, offsetting the cash equivalent that spits out monthly income and has made big gains (for a cash equiv.) in its stand-alone price, SHY. After the last FOMC meeting my little steepener trade got hammered. Fuckers.

But ever plucky, I’ve held firm and now have a decision to make. Are the various bouncing reflation trades real (just yet) or are they Memorex? This picture sure looks like base metals and other members of the global bounce-a-thon we’ve been tracking. Aside from acting as part of my home cooked steepener, TBT is also acting as a hedge to some gold positions in the short-term, given that gold and Treasuries were tethered so well during the summer’s running of the emotional herds.

tbt

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