Thanks Julian well written and clear on decision making processes and where all the trades currently stand. I have been trying to figure out what causes the price action trends during out of hours trading in recent times which as far as I recall I had not seen in years gone by and I had noticed it without being able to explain it so was glad to see some mention in this piece as to what might be the cause. FYI Harry I received the email notification at 1545 GMT just for reference that they are coming out as expected.

Thanks Julian, you didn't give an updated on your view on TLT, do you think the 10 year really breaks lower to new lows or do you think we need something else to happen as a catalyst?

Julian, that was great so thank you. Do you have a view on US credit, both IG and HY at these rich valuations? Thanks again.

Julian, great piece. Also, I was wondering if you or harry could give some insight into your view for platinum in 2020?

Just some local observations for you all as I am based in Hong Kong and also have close connections with people from the airlines as a former pilot for the flag carrier here myself. Toilet paper panic buying ongoing with limited restocking of shelves. Today 730am as soon as a big supermarket opened people were rushing in only to buy toilet and other dry paper that had just come in. All sold within an hour to not that many people because they are buying trolleys full at a time. On the other hand, airlines grounding planes by the dozens and announced 30% capacity cut is more like 50-60% based on flights cancelled for Feb and March and crews not only asked to take 3 weeks unpaid leave, now they have had their March rosters being delayed to be published by at least a week as the airline I suppose can't figure out how much business they will have for March. Hong Kong rugby 7s a huge tourism and local event and big weekend in April postponed until October. Schools still closed originally until mid Feb, then beginning of March but extended again until 16th March. Out in the city at night socially it's very quiet when it should be busy with people going to bars and restaurants. Gambling shops that take millions in bets typically every day have been closed for weeks. No doubt the Hong Kong economy continues to suffer significantly especially as this virus issue kicked in during Chinese New Year which was relatively early this year and many tours were cancelled with residents staying in Hong Kong but that didn't create much in the way of activity because people just stayed at home. Office workers have been ordered to work from home but some are intermittently back in their offices but for sure business travel has been massively curtailed. I am trying to get information on the state of the cargo market alongside the passenger downturn. A friend just across the border in the mainland city of Shenzen two days ago revealed that local residents there are only allowed out of their homes once every 2 days. Given how close Shenzen is to Hong Kong I wonder if that order will be applied here. Not yet. I wouldn't say there is an overall air of panic here however. Just much quieter city than I have ever seen it in 15 years and talking to folks who were here during SARS in 2003 they are saying it feels similar in terms of how few people are around at the moment.

On a positive note, 8 of 9 patients in UK discharged. Five of 10 in Macau discharged and the rest 5 in mild conditions. Omitting inductive reasoning, it won't infect 1/4 or 2/3 of the population like influenza because in most situations it can't transmit silently. Hospital intervention is needed otherwise it progresses into pneumonia. One cannot take a medicine at home to defeat the virus and leave it to spread for another day.

Any opinion on using long Dow short Nasdaq as a substitute to the value/growth ETFs for those of us who cannot trade them? Many thanks

Could the Value over Growth trade work even if we do not get a resurgence in profits? Hedgeye has Value winning only in a profit growth environment.