Financials: Jun. Bonds are currently 8 lower at 115'28. We continue to hold the Jun. Bond 114'00/112'00 put spread. Current estimates for tomorrows Unemployment Report show an increase in non-farm payrolls of 150-210,000 jobs. We will hold the current position through the report.
Grains: Yesterday Beans closed 33 cents lower, corn 9 lower and Wheat 21 cents lower. Over night Beans were 3 higher, Corn 1 higher and Wheat 5 higher. May Wheat is now in support below the 457'0 level and looks attractive to me at this price. We continue to hold the July Bean 880'0/1000'0 strangle which settled at 23'2. I am willing to take a short term profit on this trade at 22'0 today if the market allows. We originally sold the strangle at 29'4 or better.
Cattle: Yesterday Live Cattle closed 50 higher for Apr., Jun. 37 higher and Aug. 72 higher. Feeder cattle closed sharply higher on new contract highs, mainly due to lower grain prices. I remain on the sidelines. I continue to urge hedgers to use put options at this time as opposed to futures. This market appears to want to go higher and there has been great interest by funds which has put open interest at record levels. I am reminded of the market in 2008 which pushed prices to record levels unjustified by fundamentals before breaking more than 20.00.
Silver: May Silver is currently 41 cents higher at 17.94. Take profits on call and call spreads.
S&P's: Jun. S&P's are currently 7.00 higher at 1172.00. I remain short a combination of futures and short out of the money puts. I intend on holding this position through the Employment Report and will make a recommendation on Monday as to where to place a protective stop or to take the loss.
Currencies: As of this writing the Jun. Euro is 20 lower at 1.3490, the Swiss 34 higher at .9527, the Yen 33 lower 1.0670 and the Pound 74 higher at 1.5248. We have taken profits oon our put positions in the Yen. I recommend the sidelines in the Currencies until Monday.
There will not be a report tomorrow. The market will be trading shortened hours on Friday due to the Good Friday Holiday.