My precious metals puts and shorts are doing well (it's about time, too; I definitely got into those a few days too early!) My largest position, DZZ, I luckily bought only yesterday. In spite of being an "ultra" bearish, it's only up half as much as the $XAU is down (I realize that isn't its basis, but still……….) All the same, it's a pretty good day so far.
The ES has massive supply in the low 900s, and that zone currently represents serious resistance (and, if all goes as I think, could be an important launching-off point at the beginning of 2009 for our sucker rally).
Gold continues to seem quite vulnerable.
My stab at bonds (puts on TLT, shorting LQD) was a bust; bonds seem to be the new bubble, and I'm going to avoid that sector for now.
