I'm a momentum/news trader of primarily equities and index futures, using news events like earnings and regular economic reports to take long and short positions on individual stocks and the ES (sometimes the NQ and rarely the YM). While I've been successful with this so far, I'm trying to expand the scope of instruments I trade to smooth out my trading profits a bit during the year. Recently I've started watching the Zs and it seems ZF offers the most bang for the buck at the moment, for example on IB a short contract today would have netted almost 140% profit from high to low, with ZN and ZB offering less on a profit-per-margin basis. I'm interested in finding out if anyone else is trading the Zs on a news/momentum basis, and if so what news items are fuelling your trades? I'll start by listing a few of mine, I'm sure this will sound noobish to many of you but I'm new to debt trading so have mercy! 1. Bond Auctions The fed announces bond auctions regularly and they often move those markets, for example, today's 11am EST auction announcement saw the ZF drop 10 points (an 11.5% profit per contract at $675 initial margin) on news that a larger number of 5 year notes were being sold than expected. 2. Broad Strength/Weakness in Equity Markets A day like today which saw money pouring into virtually every equity sector seems a sure thing for a short bonds play. By contrast, selloff days see money flowing into bond markets. 3. Housing, Jobs, Consumer Spending and Other Economic Data I'm used to trading the ES on these and other regularly broadcast economic news items, however I find if the news is outside market hours that the ES and ZF do not always move in opposite directions. Does anyone have any advice as to sure-fire news economic news items that move bond markets in a certain direction? I'd be interested to hear from people who daytrade both the ES and the Zs, how you decide which to trade on a given day, what other debt/interest rate instruments you trade etc. as these instruments look like they're very efficient for trading, with high profit potential and low margin requirements.