(4-6-14) We saw the June Long Bond rally in Thursday's trade unable to maintain that rally on Friday, despite seemingly good unemployment numbers. We continue to trade the June Long Bond from the long side. We had twice bought the Bonds in at 131.30 taking ½ and 1 point respectively out in Thursday and Friday’s session. We continue to like the Bonds from the long side on dips.
Euros fell back. We had warned of overvaluation in the Euros and that the Euros should be sold on any move back above 1.38. We had our 1.3805 standing sell orders executed in Wednesday's trade and were able to take a hundred out of them by the close of the week, although we now think Draghi jawboning has had its impact in the Euro and any further move down to 1.3650 will take outright ECB action.
May Crude Oil continues to be a short on moves up to 101.80 or better. We had our long buy stops at 100.04 hit in Thursday's trade, ultimately able to take a dollar out of it. However Oil now overbought again at current levels.