Financials: June Bonds are currently 3 higher at 146'29 and the 10 Yr. Notes 2 lower at 133'11. Weekly Jobless Claims were unchanged as expected. Continuing claims were up 18,00. These markets in my opinion are still trading with a flight to quality premium because of global events (European debt). Treat as a trading affair.
Grains: Over night July Corn traded 1'0 lower at 619'0, July Beans 11'2 higher at 1433'2 and July Wheat 1'6 higher at 640'4. Of note: yesterday's 30 cent rally in Wheat has put Wheat at a 20 cent premium to July Corn after trading at a 10 cent discount on May 8th. If you remain long July Corn, I recommend taking profits as this market has exceded my near term upside objectives.
Cattle: Aug. LC is currently 70 higher at 119.65 and Aug. FC 95 higher at 159.25. I am currently on the sidelines. Producers might consider looking for hedge opportunities on further rallies.
Silver: July Silver is currently 50 cents higher at 27.70 and June Gold 16.00 higher at 1552.00. I am a buyer on breaks in Silver.
S&P's: June S&P's are currently 1.00 higher at 1323.50. The overnight low of 1316.00 was just below the 1317.00 low made February 2nd, and is now near term support. Resistance is currently the 1340.00 area. Treat as a trading affair between support and resistance.
Currencies: As of this writing the Euro is trading 10 lower at 1.2714, the Yen 16 higher at 1.2475 and the Pound 95 lower at 1.5814. I am on the sidelines. Overall trends remain down but I feel these markets are in for a bounce to the upside.
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