CURRENCIES: 04/015/09 Higher closes yesterday for the Canadian Dollar, Japanese Yen andBritish Pound again but lower for theEuro Fx, Swiss Franc, Aussie Dollarand dollar index. The euro and franc still look to continue lower with support for the euros around 13000 and the francs at the 8600 area both basis the June contract. The francsare also in a down channel at this time. The yen had a strong close higher but still looking very bearish with very little support underneath. The Canadian Dollar had its highest high and close since January again with the 8500 area my next objective. The pound had its highest close since February 9th giving me a buy signal while the Aussie Dollar settled lower but now in a small bull pennant. The dollar settled slightly lower but has been in a retracement rally since the middle of March. However, my sell signal is still in place at this time. I am holding Buy Signals for the Canadian & Aussie dollar, and Sell Signal for the US Dollar Index.
FINANCIALS: 04/015/09 Higher for the notes, bonds and eurodollars again. The eurodollarsmade its highest high and close since January while the bonds have been trading sideways and the notes with a slightly higher bias. If you had to take a position in the notes it would be from the long side.
GRAINS: 04/15/09 Higher settlements for soybeans,soymeal, soyoil and Chicago wheat along with corn and rough rice while lower for Minneapolis , Kansas City and Chicago wheat. Minneapolis wheat is still in a strong support area whereby longs can take a chance if so inclined because it's the only wheat that still may be okay for a rally since its basically been in sideways action since last October while trying to form a large bottom since the middle of February as seen below. Kansas City and Chicago , however, are long-term still in a downtrend while consolidating since the middle of February. Corn had a nice rally up to 399 basis the May contract before settling back to close at 394 1/4. My buy signal is still good but it looks like it will be a long struggle to move higher at this juncture. Crop progress reports based on weather conditions take over at this time of the year. There is quite alot of resistance up to the 450 area. Rice settled higher now in a small bull pennant with 140 basis the May contract still my next target area. Oats quietly settled lower for the 5th trading session in a row but only totaling 81/2 cents still needing to settle over 200 which continues to be a challenge since March 24th. Beans had its highest high and close since the end of January and meal made its highest close also since January also. Oil looks the strongest technically making its highest high and close since early January. I maintain Buy Signals for Corn, Soybeans and Soybean Oil.