The New York Fed is out with how they expect QE purchases to be distributed along the curve. Only 6% of purchases will be longer than 10-years. This is down from 15% in the 2009 QE effort. This explains why long bonds are getting crushed. Looks like the 1-4 year segment is alos going to be underweighted (25% this time vs. 35% last time). The winner is the 4-7 year segment. Getting around 43% this time vs. 26% last time.
Think back in Aug., short TLT looked like a crazy idea. Well, if SPX pass 1220, I will begin to load big gun to short, Sounds very crazy too. We shall see. But 1st thing 1st, let me sale IPO to some suckers.