23/04/2014

Very balanced day yesterday. Tested thru Thursdays low after a failed push up to 143.99 in the bunds. No news or data had an impact yesterday so it was just down good old fashioned dicking about.
JPM Treasury survey showed more net shorts...That has to be a warning for bond bears we seem to rally after these are released but the chart does look a little heavy to me.

10yr 30min

 

Bund 30min

Favour the downside whilst we stay below yesterdays hi but with very little conviction. Probably get better reward shorting US tens.

€ curve

Short term instant gratification in buying dips, but with tight stops as the big picture is still lower.

 

€ teds

Whatever form QE takes I think it will be credit positive. So happier to run longs whilst more aggressive in taking profit on shorts. 

 

Eu PMI today and BOE rate announcement (not that anything is expected)

 

Good luck

L