The recent meteoric rise in the dollar has NOT been met with a rise in bonds. Look at TLT, for instance. If funds are not going into bonds, as the dollar continues to rise, then where are funds going, and where will they go?
You may answer that funds are not going into US bonds because of (a) the massive (and increasing) US debt, and little understanding of how it will be paid, and (b) very low interest rates.
But, if there was a crisis such as in March 2009, funds would still go into bonds. People don't just put money into savings accounts or under the mattress. (Look at TLT charts.)
Either funds are not going into bonds because equities are still considered a better bet (hence crisis is not considered very extreme) OR funds have not yet gone into bonds, but will do so. Looking at the TLT chart, I don't find the latter a compelling argument. Also, given the TNX chart (bond rates), I find this argument very hard to believe. In fact, it appears to me that TNX has completed a 50% retrace of the past five-wave (December 2009) bull move in a three wave bear move. This would be very bullish for equities. Also look at the SOX and the QQQQ charts.
As the U.S. sovereign debt picture is not that much better than the European zone's, I am a long-term (1-2 year) Precious Metals, TNX, and SOX bull. SOX because SOX will fine in the LR.
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