US Treasuries

It was good call back when everyone hated treasury bonds. Now, it is not so heroic to be a deflationist and a bond bull. Therefore, I am not. There could still be much agony in commodities, stocks and even PM's before all is said and done, but you have got to admit that the deflation crowd is feeling brave. Why, just look at treasuries.

A good chunk of this trade is in the books in my opinion.