Almost nothing to report on. As you know I cleaned out the old Model Portfolio and replaced it with new bets but not enough time has elapsed for them to show any sense of direction. To the existing portfolio of SCO, DIG and UBT I added DZZ which is a short of Gold at the close yesterday. For what it is worth here is how I see things playing out.
GOLD: Ultimately below 1000, currently around 1300
OIL: Ultimately below 50, currently a little over 100
UBT: Bonds will go up, interest rates will go down.
Dow: Down for now and then a big rally after the politicians settle the budget issue.
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