Financials: June Bonds are currently 25 lower at 147'16 and the 10 Yr. Notes 10 lower at 133'15. Yesterday's and today's modest recovery in equities has taken some of the fear premium out of the interest rate markets. Consider going long out of the money puts and/or put spreads for Sept. expiration in either the Bonds or 10 Yr. Notes.

Grains: This morning July Corn is trading 5'0 higher at 608'4, July Beans 19'4 higher at 1382'0 and July Wheat 8'6 higher at 674'2. I like the way July Corn supported in the mid 590's and recommend being a buyer on breaks.

Cattle: Aug. LC is currently 25 higher at 119.75 and Aug. FC 37 higher at 158.85. I will be a seller in Aug. LC in the 122.50 area if the market allows.
Silver: July Silver is currently 82 cents higher at 28.34 and Aug. Gold 24.00 higher at 1572.50. We remain long Silver. If you went long Aug. Gold in the 1540.00 area yesterday either take profits or use a close stop.

S&P's: June S&P's are currently 2.25 higher at 1318.00. Yesterday's support of 1294.00 has held. If you went long in the 1294.00 area either take profits or use a close protective sell stop.

Currencies: As of this writing Euro is unchanged at 1.2574, the Swiss 23 lower at 1.0449, the Yen 4 higher at 1.2593 and the Pound 4 higher at 1.5691. I expect these markets to remain somewhat quiet going into the Holiday weekend and have no recommendation at this time. Always being on the lookout for the chink in conventional wisdom, I have to wonder if Greece should leave the Euro, why is it neceesarily disasterous for the value of the Euro in terms of U.S. dollars? I welcome your comments and opinions.

Regards, Marc
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