Financials: June Bonds are currently 10 higher at 140'18 from Friday's abrieviated session. This puts the market about 2'00 higher from Thursday's close as a result of a disappointing monthly Unemployment Report which saw a rise in non-farm payrolls of 123,000 versus expectations of more than 200,000. We continue to hold a short call spread, long the June 142'00 call/ short the June 140'00 call which is now at about a $200.00 loss.
Grains: Over night May Corn settled fractionally higher at 658'4, May Beans fractionally lower at 1433'4 and May Wheat 1'6 higher at 640'2. I still like the short side of eother May or July Corn in the low 660's with about a 15 cent risk. USDA supply/demand report tomorrow morning.
Cattle: June Cattle ended the week sharply lower at 115.82 and May FC also sharply lower at 148.32 As mentioned last week, my downside objectives have been met for both of thee markets and I am now recommending trading form the long sde on breaks. This morning the markets are expected higher amid short covering.
Silver: May Silver is currently 15 cents lower at 31.57 and June Gold 13.00 higher at 1643.00. Last week the market saw a large break in both of these markets due to a stronger than expected Dollar reaction to the FMOC minutes which indicated no QE3 at the moment. I think it is time to finally start looking ot the long side of these markets on sharp breaks.
S&P's: June S&P's are currently 16.00 lower at 1374.00 We remain short call spreads. As mentioned last week I will be looking for profit taking opportunies once the futures are below the 1375.00 level. Also, I will be looking to trade futures from the long side below the 1370 level. Near term support is the 1366.00 level.
Currencies: As of this writing the June Euro is trading 10 lower at 1.3078, the Swiss
10 lower at 1.0893 and the Yen 38 higher at 1.2312. I will be looking to have a short biases
position in the Yen if the market trades above the 1.2400 level.
888.908.4310 | 312.264.4310