From 200 Above to 200 Below Zero. Summer on the Sea Wolf can get beastly hot at 200 above or shiver-me-timbers nippy at 200 below. This represents the net range of holding either Junk (HYEM/HYG) or straight UST bonds (TLT/IEF). Summer of course is a time for Junk, and winter straight (non-inflation protected) winter. Zero degrees is neutral. The temp as of the close on Friday was .... -50