8 days in a row

Mkt has manged to rally 8 days in a row, which is no small feat. With one exception, the moves have all been pretty muted, but it is higher none the less. There is a good discussion today of the competing views in Todd Harrison's column on www.Minyanville.com

I am still about 55% invested, with some QQQQ puts as protection. I continue to think that minus a big blow up that forces the fed's hand, we are likely to see higher rates before we see lower rates. Still positioned for the "inflation" trade.