Trimming duration — my UUP exit plan

The thesis

Liquidity is tightening at the margin even as risk assets pretend otherwise.

Real yields are doing the heavy lifting here, and the market keeps fighting it.

What I'm watching

• UUP reaction into the auction
• UUP reaction into the auction
• A clean move through the level I flag below

Positioning

Neutral / hedged on UUP, 2-8 weeks horizon. Conviction: Low. Policy surprises cut both ways; defined risk only.

Opinion, not investment advice. The author may or may not hold positions discussed.