The best trade will be when cpi reaches 2.0 and then falls out again..the saw-tooth pattern. SPY benefits from CPI falling. The 3 best runs are Nov-Jan 2013, Apr-May (Feb CPI 2.0) and Oct-Nov (Aug CPI 2.0) were all driven by CPI falling from 2.0. Couple this with a pullback ROC- (Apr and Oct) and you have a great SPY run.

1.x-2.0       TLT

2.0-1.x       Sell TLT, Buy SPY

The SPY run now will be limited as CPI is now rising. It’s now a buy TLT watch.

Cash for now until cpi reaches 2.0.  BTW, FXC is now falling nicely.