Friday August 17 2012
Bill Gross is making excuses for his bad calls on Business Insider, but here is the big picture. A target of 100 on TLT would be a 61.8% re-tracement. And this would take it back near the longer term MAs, note it has gotten way too far ahead of those, as Bob Farrell would say, time to return to the mean. We cannot know how fast this will happen but thing sped up this week. I hold 40 TLT puts with 122 and 125 strike prices expiring Sept 22 2012.
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