Financials: Jun. Bonds are currently 5 lower at 116'15. Yesterday we covered the short 112'00 put leg of the Jun. 114'00/112'00 put spread at 12 points or better. This leaves us long the 114'00 put. I continue to recommend selling the Jun. Bond futures above the 116'20 level for short term trades. I recommend risking no more than 12 points on a short term trade. Support is currently 115'22 and resistance 116'24.
Grains: Yesterday Beans closed 8 cents higher, Corn 4 higher and Wheat 8 higher. Over night Beans were 6 higher, Corn 3 higher and Wheat fractionally higher. If you remain long May Wheat, either take profits or raise your protective sell stop to the 466'0 level. We remain long the Nov. Beans 1020'0/1060'0 call spread.
Cattle: Yesterday Live Cattle closed moderately lower and Feeder Cattle 100+ lower. Producers who are long out of the money puts for price insurance may want to consider selling out of the money calls and collecting the premium to offset the cost of the puts.
Silver: May Silver is currently 16 cents higher at 1841. I remain on the sidelines.
S&P's: Jun. S&P's are currently 6.50 higher at 199.50. Near term support is currently 1186.00 and near term resistance 1200.00. Treat as a trading market between support and resistance risking 6.00 points on either side of the market.
Currencies: As of this writing the Jun. Euro is 23 higher at 1.3619, the Swiss 3 lower at .9487, the Yen 38 lower at 1.0700 and the Pound 59 higher at 1.5428. I continue to recommend the short side of the market in both the Pound and the Euro with a 125 point risk for parameter for each. I am also recommending selling short the Jun. Euro 1.4000 call at 62 points or better. The Jun. Dollar Index is currently 11 lower at 80.51. Near term support is just below the 80.30 level.