Financials: June Bonds are currently 30 higher at 142'28. Slower than expected Global Growth, French election news, Foriegn Debt and a strong Dollar have boosted the Bonds to new recent highs. Will there be a QE3? I remain short call spreads (which have a limited risk and limited profit potential), not believing things are as bad as the pundits want us to believe.
Grains: July Corn is currently 9'0 lower at 603,0 in the over night trade, July Beans 4'2 lower at 1445'2 and July Wheat 1'0 higher at 624'0. I remain somewhat heutral on Corn and will treat the July contract as a trading affair between 590'0 and 630'0. Users, such as Cattle Feeders should consider pricing Corn for short term needs at present levels.
Cattle: Friday's Cattle on Feed Report showed the following: On feed 102% of a year ago vs. average expectations of 102%. Placed in March 94% vs. average expectations of 92.3%. Marketed in March 96% vs. expectations of 94.5%. The placement figure was a bit negative, however, the marketing figure was a bit friendly making the Report, in my opinion neutral. The early call is mixed to lower based more on outside market performances this morning that on the Cattle on Feed Report. On Friday, I had recommend raising sell stops to the 115.20 level if you remained long, this level was penetrated with a low of 115.125, taking us out of the market.
Silver: July Silver is currently 90 cents lower at 30.82 and June Gold 12.00 lower at 1630.00. As I have been writing for nearly a month, I feel these market will see lower prices and present us with a buying opportunity below 30.00 in Silver and below 1570.00 in Gold. Be patient.
S&P's: June S&P's are currently 18.00 lower at 1357.00. Support of the mid 1360's has been pentrated and we have taken a small loss on purchases at this level. The next supportlevel is currently 1352.50 with longer term support in the low 1340's. No question sentiment has turned negative. Resistance is now the 1375.00 area.
Currencies: As of this writing the June Euro is currently 83 lower at 1.3136, the Swiss 68 lower at 1.0939, the Yen 73 higher at 1.2336 and the Pound 5 lower at 1.6098. I continue to hold a negative bias to the Euro and the Yen.Regards, Marc888.908.4310 | email@example.com