Financials: Jun. Bonds are currently 11 higher at 117'28. The European credit crisis is still causing a flight to quality and supporting this market on breaks. To be honest I have been trading this market from the short side on rallies above 118'12, contrary to the prevailing trend. If you remain short either take the short term profit or lower your protective buy stop to the 118'03 level. Near term support remains at 116'24. We remain long the Jun. Bond 114'00 put which is currently trading at 8/64ths.
Grains: Yesterday Beans closed fractionally higher, Corn 9 higher and Wheat 2 lower. Corn rallied on news of a sale to China of 115 million metric tons. Over night Beans were 2 higher, Corn 3 higher and Wheat 3 higher. We remain long out of the money call spreads in Beans. I will be a buyer in July Wheat in the 470'0 area if the market allows.
Cattle: Yesterday Live and Feeder Cattle closed slightly lower. Higher feed grain prices had the expected effect of putting pressure on Feeder Cattle. Producers who have sold out of the money calls earlier in the week should consider covering those positions if your strike price is trading below 30 points. Continue to hold out of the money puts for price protection. Near term support for Jun. Cattle remains at 92.70 and near term resistance remains at 95.70.
Silver: July Silver is currently 6 cents higher at 18.16. This market appears to be range bound between 17.75 and 18.45. I remain on the sidelines.
S&P's: Jun. S&P's are currently 8.00 higher at 1198.00. Near term support is currently 1183.00 and the market is currently trading at resistance. Treat as a trading market.
Currencies: As of this writing the Jun. Euro is trading 43 higher at 1.3230, the Swiss 22 higher at .9228, the Yen 13 higher at 1.0622 and the Pound 53 higher at 1.5244. I feel these markets are all in support at this time and caution against selling atr current levels. I will, however, be a seller in the Jun. Yen above the 1.0840 level if the market allows. The Jun. Dollar Index is currently 21 lower at 82.32. I feel this market is currently at resistance.