Financials: Jun. Bonds are currently 5 lower at 137'21 and the 10 Yr. Note 2 higher at 129'03. Comments by Fed Chairman Bernanke concerning jobs improvements as important to a sustained recovery, but, hasn't seen job strength spread across the economy in a persuasive way. A bit confusing, he also left the door open for an accommodative monetary policy and the possibility of another round of quantitative easing. Since the announcements bonds have rallied off their 137'00 even lows to current levels. I mam still interested in establishing short biased positions in the 138'16 area on June Bonds.Grains: Over night May Corn traded fractionally lower at 646'0, May Beans 11 cents higher at 1377'0 and May Wheat fractionally higher at 654'6. We remain short the July Corn 600'0/700'0 strangle.Cattle: Friday's Cattle on Feed Report showed the following: On Feed 103% of a year ago vs. average analysts expectations of 102.3%. Placements 103% vs. expectations of 102.7%. Marketings 98% vs. expectations of 99.5%. Basically the report showed slightly more supplies and fewer than expected marketings. He opening call is steady. I look for the Live and Feeder Cattle to support 100-150 lower from current levels.Silver: May Silver is currently 33 cent higher at 32.60 and Apr. Gold 14.00 higher at 1676.00. The market rallied after Bernanke's comments which were construed as somewhat negative to the Dollar.S&P's: June S&P's are currently 8.50 higher at 1402.50. Treat as a trading market between the recent lows in the low 1380's and the contract high of 1408.00. We remain short in the money call spreads for April expiration.Currencies: As of this writing the June. Euro is 50 higher at 1.3321, the Swiss43 higher 1.1060, the Yen 43 lower at 1.2089 and the Pound 67 higher at 1.5927. I am currently on the sidelines.Regards, Marc888.908.4310 |