Putting it all together, Hartnett is doing what he often does: he agrees with us (and pretty much everyone else) that bonds are the main risk to the equity bubble. But he also accepts that Washington knows it too, and will do whatever it takes (YCC, jawboning oil every day, eventually hammer the dollar) to stop the long end from blowing up the market... and the midterms. So he’d "nibble" at duration (avoid chasing it), stay long commodities and EM, and keep watching IXG at $125 and MOVE at 125. If both levels break, a risk-off deleveraging event is finally coming.