Zero hedge observed that the last run of gains this long was in… 1928. The market subsequently doubled and then, well you know the rest, the 90% off sale.

Anyway, of more relevance, the hedge also observed that speculators’ Treasury short have not been this large since 2006 and that “Each time in the past 17 years that shorts have surged, the squeeze comes and yields tumble.”

Come on squeeze, sez I.

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