Financials: June Bonds are currently 4 higher at 139'00. Ifeel the Bonds are in resistance at this level and maintain a negative bias. Technically this is the area that gave a sell signal on Mar. 13th. We are currently short the June Bond 142'00/ 140'00 call spread.Grains: This mornings Grarin Reports showed the following: Planiting Intentions for Corn came in at 95.9 million acres vs. average expectations of 94.7 million acres. Beans were 73.9 million acres vs. estimates of 75.5. All Wheat came in at 55.9 vs. 57.6. The estimated acres for Corn will be seen as bearish but given the recent break Dec. Corn is called higher, Beans 30-50 higher and Wheat 20 higher. Grain Stocks: Corn 6.01 vs. estimates of 6.151, Beans 1.37 vs. 1.381 and Wheat 1.20 vs. 1.235. The numbers for Corn are friendly and Corn should open at least 20 cents higher and old crop should gain substantially on new crop. The figures for Beans and wheat were constructive. I suspect that new crop Beans will gain on old crop. Currently Beans are called 50 cents higher.Cattle: Live and Feeder Cattle closed sharply lower yesterday due to lowerdomestic and export demand. This morning prices are moderately higher. My downside objectives have been met and I will be looking to the long side of the market on further sharp breaks.Silver: May Silver is currently 38 cents higher at 32.37 and June Gold 8.00 higher at 1663.00. I remain on the sidelines.S&P's: June S&P's are currently 5.00 higher at 1403.25. Yesterday the market tested support in the mid to low 1380's (the low was 1386.25) uccessfully. Resistance is currently in the 1407.00 level. We remain short in the money call spreads for Apr. expiration. For short term trading I'm interested in trading from the short side of the market on rallies.Currencies: As of this writing the June Euro is currently 50 higher at 1.3352, the Swiss 60 higher at 1.1094, the Yenunchanged at 1.2145 and the Pound 56 higher at 1.5980. I remain on the sidelines awaiting higher prices on the Yen and the Euro to reinstate short biased positions.Regards, Marc888.908.4310 |