TBT has reached my secondary objective of 56, and I would recommend to take some prfits on this trade. The run was spectacular, but with stronger US dollar, I would wait for a better entry point into TBT, perhaps around 51-52. I closed my UDN position, and going long US dollar via UUP. I am also shorting gold via DZZ, which is one of the most overbought commodities at the moment. Lastly, I am going neutral on energy, by selling calls against my every energy position, with the exception of a few coal names.
My longer term views are pretty much just the opposite of the trades I listed above, but for now, I feel, that the path of least resitance is in the direction of these trades.
MiB: Joe McLean, MAI Capital
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