ED Spread : Nice ...

• Updated chart here.
  
• Short since Aug09. Patience finally paying off now.
• Thus far, it has been low rates fueling risk assets rally.
• In near term, I do not see low rates scenario changing.
• But ... gut feel that risk assets rally due for a pause or pullback even (eg USD index downTL break), for whatever reason.
  
• If so, it is possible that we next see risk assets weakness providing a reason for further narrowing of ED spreads.
• This is now a sell at +68.5 (currently 66/67).
• We are in a 3rd wave type move here. Do not take profits.