Financials: Jun. Bonds are currently 1'15 lower at 120'17. The nearly trillion dlloar bailout of Greece, et.al. by the Euro Zone, ECB and IMF last night has taken away the flight to quality for the moment in the U.S. credit markets. The spread between support and resistance is quite wide at the moment: Support is currently 119'19 and resistance 124'08. Treat as a trading market between support resistance. I urge you to be patient and wait for extreme breaks and rallies before entering a trade.
Grains: On Friday Beans were 6 cents higher, Corn fractionally higher and Wheat 3 higher. Over night Beans were 8 higher, Corn 4 higher and Wheat 2 higher. We remain long out of the money call spreads in the Nov. Beans and short the Sept. Corn 340'0/420'0 strangle. I still like the idea of going long July Beans in the 940'0 area if the market allows.
Cattle: On Friday Live cattle closed 5 higher to 25 lower depending on the contract month. Feeder Cattle closed 50-70 lower. If you remain short Jun. Cattle lower your buy stop to the 96.60 level as near term support of 95.30 was tested on Friday. If you remain short the Aug. contract either take profits or lower your buy stop to the 95.70 level. If the market trades below 93.50 either take profits or lower your buy stop to the 94.70 level.
Silver: July Silver is currently 16 cents higher at 18.61. If you remain long multiple contracts, take partial profits. If by chance you put on the spread of long 2 mini silver and short 1 mini gold take profits. Since Thurs. silver is up at least 85 cents ($850 per contract) and Gold up about 10 dollars ($330 per contract).
S&P's: Jun. S&P's are currently 45.25 higher at 1152.50. The European debt bailout has bouyed the market this morning. Near term support is now the 1116.00 level and resistance 1160.00. I am once again willing to trade this market from the short side on any small rally from current levels.
Currencies: As of this writing the Jun. Euro is trading 193 higher at 1.2933, the Swiss 53 higher at .9081 the Yen 201 lower at 1.0740 and the Pound 192 higher at 1.5000. If you went short the Yen on Fri. above the 1.1000 level, take profits. Give the European bailout, I do not have a sense at this moment of how things are going to work out. My gut reaction is to sell this rally in the Euro but I am going to wait until at least tomorrow to take any kind of action.