CURRENT POSITIONS
Long Long Gilt
Short Cocoa
Short Soybeans

Here is a chart of the 10-year gilt yield, courtesy of Bloomberg — I am betting on this falling further.

Everybody is waiting for the US nonfarm payrolls and unemployment numbers at 1330 GMT today. After yesterday’s moves I am inclined to short equities — but I get the sense that a bad employment report is already in the equity market, so the risk is more of equities rallying on a surprisingly good report. I will wait until after the release before doing anything.
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