Financials: June Bonds are currently 14 lower at 141'18 and the 10 Yr. Notes 5 lower at 131'08. This mornings ADP Report on private sector jobs showed an increase of 216,000 vs. expectations of 215,000. Continue to treat as a trading affair between 139'00 and 144'00. Once again I am looking at the long 5 Yr. Note/ short 10 Yr. Note spread and will be willing to put it on a 8'06 premium the 10 Yr. Note (currently at 7'28.5) if the market allows. Grains: Yesterday May Corn closed 6'6 lower at 654'0, May Beans 10'2 higher at 1335'2 and May Wheat 14'2 at 657'6. Over night Corn was fractionally lower, Beans a penny higher and Wheat 3 cents higher. We remain short the July Corn 600'0/700'0 strangle. I will be interested in the long side of May Corn in the mid to low 630s if the market allows. Cattle: Yesterday Apr. LC closed 262 lower at 125.775 and May FC 285 lower at 157.70. If you remain short Apr. LC it is time to take some action. Either take profits or sell out of the money puts against short futures. I feel this market will ultimately trade lower, but given the severity of the break over the last few sessions a bounce can be expected. If you remain short May FC, . I am inclined to stay with the position Silver: May Silver is currently 30 cents higher at 33.09 and Apr. Gold 7.00 higher at 1679.00 Support remains in the 32.00 area for Silver and the 1630.00 area for Gold, levels I am willing to try the long side of the market. If you remain long term bullish consider out of the money call spreads. S&P's: Mar. S&P's are currently 5.00 higher at 1547.00. Yesterday we took profits on short in the money call spreads putting us on the sidelines for the moment. Of note: Tomorrow (Thurs.) the June contract will be considered the lead volume month. June is currently trading at about a 6.00 point discount to the March contract. Currencies: As of this writing the Mar. Euro is currently 18 higher at 1.3125, the Swiss 13 higher at 1.0891, the Yen 23 lower at 1.2361 and the Pound 21 higher at 1.5727. I am currently on the sidelines. However, I feel there will ultimately be more room on the downside in the Euro and the Yen. On a sharp rally in either of these markets I will be looking at put strategies and/or selling out of the money call spreads. Regards, Marc 888.908.4310 | 312.264.4310 mnemenoff@pricegroup.com