Having flip-flopped twice so far in 2016, my bet is that the Federal Reserve flip-flops on its monetary policy, yet again.

Yes, buying bonds may appear like high treason for someone who has been trading stocks for a half century (I’m currently reading the biography of Benedict Arnold, a deeply misunderstood man).

I have made money on the well known “Sell in May and Go Away” effect for the past ten years.

What’s different this year is that even conservative managers who usually “poo poo” this seasonal phenomenon are coming around to my way of thinking, and getting extremely nervous.

At last week’s Wednesday afternoon massacre, the central bank suddenly flipped with its April minutes from an easing to a decided tightening mode.

You can therefore count on markets to fully discount a 25 basis point rate rise by the June 17 meeting.

And then you know what? “Brexit,” weak economies in Europe, Japan, and China, weak corporate sales, the US presidential election, and a strong dollar will suddenly come to the fore, and they’ll sit on their hands for the umpteenth time.

Markets and traders will get caught wrong footed once again. Bond prices and the (TLT) will rocket. Yields will collapse, taking the ten-year Treasury bond yield down to 1.36%, or to new 60 year lows.

If all of this makes me sound like a reverse psychologist, you’d be right. But we have to trade the market we have, not the one we want.

The great irony is that the world will clamor to buy US Treasury bonds because, with a lofty 1.85% yield, they are one of the highest paying government debt issues on the planet.

It’s all proof that if you live long enough, you see everything.

That makes the iShares 20+ Year Treasury Bond Fund ETF (TLT) June 2016 $124-$127 in-the-money vertical bull call spread a great hedge for any other “RISK ON” assets you may want to hold for the next month, like stocks.

I therefore expect the (TLT) to continue to trade in a sideways range up to the June Fed meeting, which will enable me to max out my profit on this position.