Thursday, December 23, 2010


Bond prices are breaking down.

Two Ways to Play Bond Disintermediation

There are two ways to play the disintermediation in bond fund holdings:

1. by shorting fixed income; or
2. by shorting BEN

It is interesting to note that the yield on the five-year U.S. note doubled in November as outflows forced selling.

Margin Debt Surges

This is worrisome.

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