Bunds : Naked Short

• Took off the entire long US10T leg of my Bund/US10T spread last night. Hope I will not regret this. Usually when I try to squeeze more out of a spread trade by unlegging, I end up snatching defeat from the jaws of victory.
• The spread chart is looking good. Trading at +4 now, which makes the SHS top looking ever more valid.
• EU10YY is above 3.44% chart point, (now 3.47%) pointing to 3.67%. I have included the actual continuation Bund futures chart here for a change. If we close this week below 120, then 117.52 beckons.
• Somehow, I can't see the spread performing due to a bullish (ie bunds and UST rallying) market. [US budget deficit, inflation worries, weak USD, better growth]. My conclusion is that the spread will go negative under bearish circumstances. Hence my attempt to be a bit clever here. I have my GTC TYM1 bids in at various chart-points below to restore the spread.
• Hope to break my duck with this one. Been on a negative roll lately - buying soybean, selling short sterling just before RPI decline to 4.0%. Timing on these 2 could not have been worse. Not to mention uncharacteristic dithering in selling USD/JPY.