Well there goes the upside case: 467k job cuts on 363k expected, 9.5% unemployment, 14.7 million officially unemployed and not just the US - Unemployment up to 9.5% in Eurozone as well.
Bunds hit target of 121.50 with next stop at 122.75 or retracement to 120.50 on the downside. As for stocks I still hold my DIA puts looking for this to be the catalyst for a real push lower, but happy to take profits if this sell off fails to materialise. With independence day in the US tomorrow, this is likely to be the last bit of main action for the week, hopefully we will see some volume back next week.
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