We would be remiss not to remark the action today in the 20 year bonds (TLT). Unsetttling. This could be either the beginning of a blow-off, or the beginning of the end or the beginning of fortune in the making. Frankly we think this market is hotter than a three dollar bill. But in the throes of the end of a market (and this is not necessarily the end) great fortunes are made. With this gap this market has passed from investment to radical speculation. Of course the ETF is a less dangerous way to deal with it (TLT), but the real money will be made in the futures and options. We will be looking at that tomorrow, as well as ways to manage this market.