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.