Financials: June Bonds are currently 19 lower at 141'22 and the 10 Yr. Notes 9 lower at 131'16. FOMC two day meeting concludes today and as usual it is expected that there will be no change in interest rates, the only surprise will come if the language either does or does not indicate the Feds willingness for another round of quantitative easing. I continue to hold a negative bias on Bonds and remain short the June Bond 142'00/ 140'00 call spread which expires May 25th.

Grains: Over night July Corn traded 6'0 cents higher at 614'0, July Beans 28'6 higher at 1493'6 and July Wheat5'4 higher at 638'0. Monday evening/Tues. mornings near freezing temperatures spooked traders early in the session Tues. morning pushing Corn nearly 10 cents higher before eroding throughout the day closing lower. Continue to treat Corn as a trading affair between 590'0 and 630'0. Users of Corn such as livestock producers should be using the break over the last two weeks to price short term needs.

Cattle: Yesterday Live Cattle and Feeder Cattle closed limit down due to the discovery of Mad Cow Disease in a dairy cow in Califirnia. According to the USDA this cow did NOT enter the food chain. I do not feel the market will react as it did in Apr. 2003, but caution dictates that I stay on the sidelines.

Silver: July Silver is currently 2 cents higher at 30.84 and June Gold 3.00 lower at 1640.40. I still remain on the sidelines awaiting lower prices to go long. S&P's: June S&P's are currently 15.00 higher at 1385.00. Apple Corp. surprisingly good earnings (again) have boosted the markets this morning. Technically the market has held the 1352.50 level and is now in resistance in the mid 1380's. I am once again trading from the short side at current levels.

Currencies: As of this writing the June Euro is currently 26 higher at 1.3219, the Swiss 21 higher at 1.1005, the Yen unchanged at 1.2312 and the Pound 1 lower at 1.6130. I still retain a negative bias to the Euro and the Yen.

Regards, Marc
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