NFP was an underwhelming small miss today and didn't trigger much momentum in risk assets. We were positioned well - long Silver, short S&P in order to benefit from a poor number (= QE with initial gut sell off) and clearly this materialised.
Having covered our short, we crystallised around 0.5% profit but Silver (XAGUSD) reversed and traded poorly as the market came to its senses: We are still some way off further easing. Payrolls may have missed consensus but it is still in positive territory.
Attention then turned to EURUSD which has punctured a large support area of 1.2330 and now must hurdle 1.2300 before it plummets through fresh air - next stop 1.2000. I shorted at 1.2332 and mark our position up nearly 0.8%, also performing a neat hedge for our small Silver long.
Have a great weekend. With any luck you outperformed our +2.1% for the week - certainly Tuesday and Thursday were great days for any technical trend follower with other days a bit noisy.
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