Financials: Sept. Bonds are currently 7 higher at 149'13 and the 10 Yr. Note 6 higher at 133'22. Once again we are seeing a measure of flight to safety ahead of this weekend's Greek elections. Because of the possibility of high volatility as a result of the elections Sunday night I am reluctant to initiate any new positions.

Grains: July Corn is currently 3'0 lower at 598'4 after seeing the market trade as high as 608'4 during yesterday's session due to supply concerns. Since Wednesday we have seen the July gain more than 20'0 on the new crop Dec. putting the spread at 85'0 premium the July. Over the last month we have seen this spread as wide as 107'0 and as narrow as 35'0. For the moment I will be willing to buy Dec./sell July at 100'0 premium the July if the market allows. As far as net positions are concernd we are currently on the sidelines, having taken profits on long positions earlier in the week. I will be looking to the long side of the market on the July contract on a 30'0 break. July Beans are currently 6'6 higher at 1392'6 and July Wheat fractionally lower at 623'0.

Cattle: Yesterday Aug. LC closed 95 lower at 117.025 and Aug. FC 200 lower at 156.20. These markets are currently slightly higher. Aug. LC is now at the lower end of it's recent 117.00-122.00 range, changing my bias from negative to neutral. I will be looking to the long side of the market on further breaks.

Silver: July Silver is currently 33 cents higher at 28.74 and Aug. Gold 10.00 dollars higher at 1630.00. We remain lightly long Silver. Gold appears to be breaking out to the upside but I am refraining from entering this market until after the Greek elections.
S&P's: Sept. S&P's are currently 1.75 higher at 1328.00 Treat as a trading affair between 1308.00 and 1337.00.

Currencies: As of this writing the Sept. Euro is currently 13 higher at 1.2624, the Swiss 11 higher at 1.0526, the Yen 100 higher at 1.2730 and the Pound42 higher at 1.5567. I am on the sidelines.

Regards, Marc
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