Financials: June Bonds are currently 11 higher at 137'04 and the 10 Yr. Notes 8 higher at 128'25. The Bonds are still showing some support below the 136'00 level with resistance in the 138'16 area with the overall trend pointing lower ever since the 139'00 was breached on March 14th. If the market should rally above the 138'00 level I recommend the short side if the market with either short futures, short out of the money call and/or call spreads or long out of the money puts and/or put spreads.Grains: Over night May Corn traded fractionally lower at 641'6, May Beans 7'2 lower at 1347'6 and May Wheat fractionally lower at 635'6. Corn is now about 30 cents below the recent high in of 675'6 and approaching support in the low 630's. I will recommend the long side of the market below the 633'0 level with an initial 15 cent risk. We remain short the July Corn 600'0/700'0 strangle.Cattle: Apr. Live Cattle are currently 50 higher at 125.45 and May Feeder Cattle 47 higher at 154.87. My downside objectives have been met putting me on the sidelines at the moment.Silver: May Silver is currently 74 cents lower at 31.48 and Apr. Gold 18.00 lower at 1631.00. Both of these market are currently in near term support. However, long term support for Silver is currently just below the 30.00 level and long term support for Gold is now the 1580.00 area. I prefer to stand on the sidelines and see if short term support holds.S&P's: June S&P's are currently 9.00 lower at 1388.50. Near term support is currently 1383.00 and resistance 1404.00. We remain short in the money call spreads for Apr. expiration. If the market should trade below the 1376.00 level, we will start looking at profit taking opportunities.Currencies: As of this writing the June Euro is trading 45 lower at 1.3165, the Swiss 38 lower at 1.0926, the Yen 57 higher at 1.2047 and the Pound 65 lower at 1.5785. My near term downside objectives were met in the Euro and the Yen putting me on the sidelines. I will look to the short side once again if the Euro rallies above 1.3400 and the Yen above 1.2400.Regards, Marc888.908.4310 |