Financials: June Bonds are currently 22 higher at 141'19 and the 10 Yr. Notes 12 higher at 131'08. These markets are once again experiencing a flight to quality due to the usual suspects: Greek debt, slowing Chinese and European economies, Mideast unrest. As far as I'm concerned the June Bonds remain rangebound between 139'00 and 144'00.

Grains: Yesterday May Corn closed 5'6 higher at 660'6, May Beans8'0 lower at 1325'0 and May Wheat 2'4 lower at 672'0. Over night Corn was 7'6 lower, Beans 3'6 lower and Wheat 11'2 lower. The markets are reacting to renewed strength in the Dollar which could be detrimental to export demand. We remain short the July Corn 600'0/700'0 strangle (short out of the money puts and calls).

Cattle: Yesterday Apr. LC closed 150 lower at 128.40 and May FC 235 lower at 160.55. Overnight Live Cattle are100 lower and Feeder Cattle 150 lower. The market now appears to be concerned about consumer resistance in spite of record posted prices yesterday and Friday. The next worry is that momentum and technical traders (i.e. funds) will liquidate longs and get short. I still like the short side of these markets. That being said, look for support in Apr. LC in the 126.60 area. If this level is broken the next level of support will be the 125.00 area.

Silver: May Silver is currently 68 cents lower 33.00 and Apr. Gold 32.00 lower at 1672.00. Support in Silver is the 32.00 area and support for Gold is now the 1630.00 area. Be cautious.

S&P's: Mar. S&P's are currently 15.00 lower at 1349.50. Failure of the DJ ave. to hold the 13,000 level and apparently slowing Global economies have worked to set this market back. Basically I feel the long term trend is up on this market, and short term trends down. I also feel that the overbought situation has now been tempered by yesterday and today's break and do not want to pursue the short side or the long side for a couple of days. If you remain short in the money call spreads, start looking for profit taking opportunities.

Currencies: As of this writing the Mar. Euro is trading 90 lower at 1.3135, the Swiss 80 lower at 1.0890, the Yen 80 higher at 1.2360 and the Pound 100 lower at 1.5770. We have covered all short futures and liquidated all long put currency positions. I still feel these markets are eventually headed lower and will be looking at June put spreads later in the week.

Regards, Marc 888.908.4310 | 312.264.4310 mnemenoff@pricegroup.com