Benchmarks : Weekly Update

• May10 private sector payrolls +41k vs E+180k a major disappointment for markets. Thoughts of double dip recession back. Very much a trend continuation week.
• USDX : Strong uptrend in spite of weak data. Irony but not something to trade against.
• US10YY : Was right for most of the week to expect yields to trade higher but the weak NFP put a violent end to that move. At around 3.20%, however, I do not expect buying TY to be a very profitable trade.
• S&P500 : Can forget about the right shoulder forming. Looks like this chart is going to develop as per Copper, EUR/USD at 1.4850 etc  .. ie straight down.
• Gold : Did not get the required weekly close above 1226 to get me more long. Still, we managed to test and hold 1200 yet again, which is a good sign for bulls. Gold's behavior is now anti-EUR = pro-USD. Building a base for eventual assault at new highs.