Financials: June Bonds are currently 5 higher at 143'00. This morning's Unemployment Report showed an increase in non-farm payrolls of 115,000 vs. expectations of 160-170,000. March's number was revised upward to +154,000 from 120,000. The unemployment rate was lowered to 8.1% from 8.2%. The initial reaction was a rally to 143'20 followed by a break to 142'12. The report was a bit of a disappointment but not enough to make me bullish at current levels, or even want to get involved other than my position of short in the money call spreads (which is currently at a loss).

Grains: Overnight July Corn traded 2'0 higher at 616'4, July Beans 6'2 higher at 1479'6 and July Wheat 5'2 higher at 620'6. I am still recommending being a buyer in July Corn on sharp breaks from current levels.

Cattle: Yesterday June LC and May Fc closed up the 300 point limit as cash markets firmed up and the market attracted technical buying and short covering. For the moment I feel that there is technical confirmation of a short term bottom and will be a buyer on 75-100 point breaks if the market allows.

Silver: July Silver is currently 9 cents higher at 30.10 and June Gold 3.00 higher at 1638.00. I am patiently waiting for lower prices to enter the market from the long side.

S&P's: June S&P's are currently 5.00 lower at 1381.00. Now that the 1383.00 level has been penetrated the next level of support is the mid 1360's, levels I want to be a buyer.

Currencies: As of this writing the June Euro is trading 12 lower at 1.3140, the Swiss unchanged at 1.0950, the Yen 53 higher at 1.2512 and the Pound 2 higher at 1.6180. I continue to hold a negative bias on the Euro. The market will focused on the European elections this weekend.

Regards, Marc
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