Macro Reflation Trade-Update from Dec. 16, 2008

In December 2008 after the FED action to open money spigots we offered trading ideas primarily the following:precious metals, short treasury bonds,long industrial metals and long high yield corporate bonds.
Here is what has moved since then:

Gold and silver stocks up 12-20%
FCX up 21%
PCN Corp Bond Fund up 50%
Gold up 8%,Silver down 5%
TBT Dbl Tsy short up 16%
IYR real estate down 8.4%
XLE oil ETF flat
The S&P was down 5%, while the Nasdaq was up 2.5%.

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