There was some talk of option protection ahead of .9350 overnight but I have as yet no confirmation of this. Bulls will have been a little disappointed by the lack of bullish momentum after the break above .9325. Most expect the unemployment rate to stay between 5.7%/5.8% and it is the full-time participation rate which may give more clues as to what’s happening in the economy. My favoured strategy at this stage is to run a small short position with a stop above .9350 and add to shorts on a poor number.