(3-10-13) The June Long Bonds came down again in Friday's trade. We were automatic buyers at 140.18 in early Friday morning trade, which represented a 4-1/2 point decline off of the five day - intraday highs. Noting that such a decline only occurs on average of once every two years, we had sold the Bonds late, as they rallied on fresh short-covering at 141.04, taking a half a point out of the contract. We think the Bonds have reached a near-term low and should be bought again on Sunday night on any fall back under 141.00.
March Dollar Index continues to meet resistance in the 82.70 - 80 area. Next up resistance at 83.30 -- 40. We still suspect -- as we were proved right last week -- that the Euro wants to hold 1.30. We think the Euro should be sold on any move above 1.3130 and should be covered on dips down to the 1.30 area.
The April Crude Oil, although picking up in Thursday-Friday trade, nonetheless unable to get back above 92.00. We were sellers on the close Friday after having been long the contract on our 91.