My thoughts are as below:

I am long on TBT but I continue to sell short calls and sell naked puts to reduce my cost.

It is a long term trade but my cost is getting lower and lower.

It is a matter of time it will go up. So I stay invested but continue to maintain a neutral to slightly positive position until I see the breakout.

Bond has to drop and treasuries interest has to go up. It is no brainer. But the US govt has been manipulating by buying the treasuries themselves through other channels. I cannot imagine China or Japan, or Middle East buying more treasuries on auction. But the govt also has no choice now. They have to continue to try to sell treasuries to finance the huge debt. Thus bond prices will have to go down or even collapse eventually. It make take another 6 months for this to happen.

I use a lot of options to hedge my portfolio. It has been very successful for me to deal with the the volatility swings and emotions of fear and greed.

This is going to be my best year - should end 2009 with slightly more than 100% profit.

I am bullish like the rest of you on gold, pm and commodities.

If you are interested to see how I trade, you are more than welcome to visit my blog http://zpring.blogspot.com. I put about 50% of my trades ( the more difficult ones) to help myself in articulating my ideas and maintain discipline on my plan .