Financials: Jun. Bonds are currently 7 higher at 117'04. I am currently on the sidelines. I will be looking to reinstate a short position above the 118'00 level. The FOMC meets today and should release a statement around 1:15 Chicago time. It is expected that rates will remain unchanged.

Grains: Yesterday Beans were 4 cents higher, corn 1 lower and Wheat 6 lower. Over night Beans were 4 higher, Corn fractionally higher and Wheat 1 higher. We remain long May Corn with a protective sell stop at 358'0. The May Beans 880'0/1000'0 strangle settled at 14'0. I recommend covering this strangle if you remain short. Late this week I will be looking to do a similar option trade on the July contract.

Cattle: Yesterday Apr. Cattle closed 55 higher, Jun. 80 higher and Aug. 40 higher. Over night the market is about steady. I continue to feel the market is overbought and have initiated a spread position of long Aug./ short Apr. Hedgers should consider out of the money puts for price insurance. Open interest went up over all by 2300+. Apr. was down by 3200+ contracts, Jun. up by 3300+ and Aug. up by 1100+.

Silver: May Silver is currently 34 cents higher at at 17.44. I continue to recommend taking partial profits from long futures positions. If the market trades above the 17.70 level, take profits from long call spreads on the July contract.

S&P's: Jun. S&P's are currently 2.00 higher at 1147.75. I remain short this market. Near term support is currently 1134.00 and near term resistance 1152.00.

Currencies: As of this writing the Jun. Euro is 53 higher at 1.3726, the Swiss 40 higher at .9462, the Yen 7 lower1.1053 and the Pound 100 higher at 1.5136. We remain long the Jun. Yen 1.06 put and/or the Jun. Yen 1.06/1.02 put spread. I will be looking to trade the Euro from the short side above the 1.3800 level if the market allows. The Jun. Dollar Index

is currently 29 lower at 80.21.

Regards,

Marc