Financials: Mar. Bonds are currently 13 higher at 118'26. The market is now trading at near term resistance and I recommend that any long positions be liquidated in this area. As of this morning the June contract will be considered the lead month as that is where the concentration of volume will be. Resistance for June Bonds is currently the 117'28-118'04 area. I am now looking to start trading the financials from the short side of the market as we approach long term resistance at the stated levels.
Grains: Yesterday Beans closed 14 cents lower, Corn 3 lower and Wheat 10 lower. Over night Beans were fractionally higher, Corn 3 higher and Wheat 2 higher. I feel that both Beans and Corn are approaching support and will be looking to cover any short positions and also be looking to the long side of the market on any sharp break from current levels. Support for May Beans is currently in the 925'0-935'0 area. Support for May Corn is currently in the 367'0-373'0 area.
Cattle: Yesterday Apr. Cattle closed 22 lower at 91.75 and is currently trading about 25 higher. If you remain short, either take the short term profit or lower your protective buy stop to the 93.80 level. If the market trades below yesterdays low of 91.60 either take profits or lower your buy stop to your break even level.
Silver: May Silver is currently 6 cents higher at 16.19. We remain long out of the money call spreads on the July contract.
S&P's: Mar. S&P's are currently 4 lower at 1098.25. We remain long out of the money puts (I recommend the June contracts). If the market trades below the 1080.00 level, I recommend rolling your puts into a lower strike price which should enable you to take some money off the table.
Currencies: As of this writing the Mar. Euro is currently 31 higher at 1.3575, the Swiss 19 higher at .9276, the Yen 33 higher at 1.1252 and the Pound 84 lower at 1.5160. I continue to recommend being long either out of the money puts or put spreads in the June Yen. Consider the June Yen 1.07/1.02 put spread at about 60 points ($750). The Mar. Dollar Index is currently 15 lower at 80.71.