It’s a legit question since the beginning of 2020 is bound to start with a bang. The true nature of a market is often disguised at the end of year and revealed for its monstrous visage in hiding during the first week of the New Year called “The January Effect.”
If forced to make a call, I’d say SHARPLY LOWER. But and this is a BIG BUT, should the 10yr yield get above 2.00%, there is a better than average chance markets will begin to worry about rising yields, which unravels everything.
Being 100% long might be a bit aggressive. Perhaps dial it back to 75% and enjoy the holidays. It’s 74 degrees here, some of the best weather I’ve ever enjoyed during winter. I have some more errands to run, but I’ll be back later.
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On the 24th gold became a compelling long, Pal.