SHORT TREASURIES, SHORT STOCKS

As we can see in the graphics above ( courtesy of Barrons), bond valuations are frowzy at least. We probably have to adjust the spreads between Treasuries and Corporate / Municipal bonds. 

So, we short Long Treasuries and go long Corporate and Munis.

In the Stocks Arena, and after seeing the horrendous numbers presented by Intel ( -23% YoY ), we think that Analysts numbers for 2009 ( SP 500 Earnings +4,9% YoY) still too optimistic.

WIZ