I'm bullish on the CBOE Vix here so, by deduction, I'm bearish on stocks.


And I'm also bullish on oil.


So, in some weird way, although I am bearish on bonds, I don't expect them to just go into freefall, but rather to be choppy with a ceiling.


My thoughts are


1) your play seems a little convoluted - not unlike your reaction to my CPN contraption,


2) I like it in general just because the credit, though 96 seems a little close going out to June, but I assume it has plenty of premium, and


3) I think the 94/95 spread is just right, given the time left and the current price.


I think we'll see 96, maybe a little lower, and a lot of chop.


eLROY