Sure Treasuries are up year to date and I believe gold as well but other than that for the biggest part of the year it seemed the whole world morphed into this one single assetclass. On the days up you could buy Citi,, gold, Google or Walmart, take your pick you would have made a nice profit regardless of the proclaimed underlying fundamentals behind these moves same for the days down. Forced selling pundits scream, margin calls, deleveraging whatever... Point is, how common is this entanglement between assetclasses and markets around the globe and can we expect this trend to continue in 2009? Is it because all the smart money was short? Maybe it is easier to short now then it was decades ago? Cheers.