U.S. Stock Market - I continue to believe the markets least resistance remains to the upside and to avoid any shorting positions. Perhaps when the chatter starts about a new, all-time high we can put on bearish hats again (but not likely before).

U.S. Bonds – According to investment-research firm Morningstar, a portfolio of U.S. Treasuries with an average maturity of 20 years rose 28% last year, even better than its 26% jump in 2008. You would have to go back to 1995 to find a better year. Last year’s surge came in the 30th year of a historic rally. Since 1981, long-term Treasury bonds have returned 11.03% annually, 0.05 percentage point better than the Standard & Poor’s 500-stock index. To match last year’s price rally, the 10-year note’s yield would have to drop to about 1.05%, far below its record low of 1.72% last September.

In almost 30 years in and around Wall Street, no overall market has been so tempting to short (but thankfully my chicken feathers have stopped me up until now). In my heart of hearts (remembering many times our brain is smarter than our heart), U.S. bonds in general, and Treasuries in particular, are absolute avoids going forward and just may finally come a short (if I can just find some ba___s to short them).

Gold and Silver - Assuming we now now have two closes above $1,646, gold has once again trapped the perma-bears and weak-knees bulls by one of its rather sharp, but not long-lasting corrections. Look for these poor souls to once again be bloodied and crying for their mommies as gold moves towards a new, all-time nominal high. Silver is looking like it wants to lead gold higher and an overall short squeeze in both is quite possible.

U.S. Dollar - While the terminally-ill patient appears to be sitting up in its bed and the crowd claiming its a miracle healing, my heart and brain both know America is heading for a crisis that shall make the current European one a mere opening act. I continue to hold the vast majority of my cash holdings in Canadian dollars and feel Canada shall be a much safer place to be in the coming years versus its broke and dying neighbor to the south.

Oil and Natural Gas - I continue to believe $100 oil shall become near the bottom of a range with $125 – $150 a real possibility in next 12 months. Meanwhile, its poor kissing cousin, natural gas, can’t get out of its own way. The only good news on that front is we may finally see a move away from expanding exploration that can help remove some of the amply oversupply.

Please Note - I have been engaged again by former clients Geologix Explorations (GIX-TSX $.21) and Lithium One (LI-TSX-V $.96). Reports to follow.

I’m  anticipating being on Fox Business News tonight in the 9PM to 10PM hour (EST). I will post before then if it isn’t to be.