Non-farm Private Payrolls came at 210K vs. 220K consensus.  However, whisper numbers were much lower.  Going into the report pessimists were running up gold, silver, and bonds.  After the report, gold and silver are retreating.  After first pulling back, bonds are becoming much stronger.

In our analysis, the reaction of the bond market is misplaced and about half of it is the result of short covering.

Oil is range bound.