Financials: June Bonds are currently 15 lower at 147'29 and the 10 Yr. Notes 7.5 lower at 133'17.0. Possible top in the 5 Yr. Note. Consider buying puts and/or put spreads on Sept. Bonds or Sept. 10 Yr. Notes.

Grains: Over night July Corn traded 4'0 higher at 629'0, July Beans 5'6 higher lower at 1432'2 and July Wheat 5'4 higher at 663'2. Strong export demand from China has pushed Corn back into resistance in the 630'0 area. We have taken profits from all long Corn positions. It is time to start watching crop progress and weather as to high it will be effecting new crop prices.

Cattle: Aug. LC is currently 25 higher at 120.30 and Aug. FC 30 higher at 160.22. Producers should start looking for hedging opportunites. Cattle on Feed Report today.

Silver: July Silver is currently 48 cents higher at 28.50. I am comfortable holding a small long position at the moment. June Gold is currently 15.00 higher at 1590.00. If you have been a buyer over the last few sessions, take profits or use a close sell stop as the market is now in short term resiwstance. Starting Monday I will be quoting the Aug. Gold contract.

S&P's: June S&P's are currently 3.00 higher at 1304.25. Support is currently last nights low of 1293.50 and resistance 1312.00. I am a cautios buyer on breaks.

Currencies: As of this writing the June Euro is 4 higher at 1.2719, the Swiss unchanged at 1.0590, the Yen 10 lower at 1.2609 and the Pound 12 higher at 1.5826. I remain on the sidelines and feel there will be a bounce to the upside in the Euro.

Regards,
Marc
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mnemenoff@pricegroup.com