Still no reason to cover my shorts yet..

I continue to hold short with the RSI sell signal still in tact on the daily chart. I'm expecting a bad employment report tomorrow which will spark a rally in T-bonds and sell off in stocks. Hopefully the auction of long bonds next week will go better then expected and provide further strength to the hoped for stock market sell off/T-bond rally.

The chart below demonstrates the mirror like correlation between TLT and SPY.



an intra-day look at things....