Financials: June Bonds are currently 10 lower at 116'06. The market is currently in near term support. If the market breaks through the 116'06 area the next level of support will be the 115'18 level. If you remain short the Bonds or continue to hold the combination of short Bonds and short the June Bond 115'00 put either take profits or lower your protective buy stop to the 116'28 level. For those of you who have on the combination of short Bonds and short the 115'00 put, if you are stopped out of the Bonds, cover the short put.
Grains: Yesterday May Beans closed fractionally lower, Corn 6 lower and Wheat 5 lower. Over night Beans were 5'4 higher at 953'0, Corn 1'6 lower at 367'2 and Wheat 1'0 lower at 488'4. This morning's ending stocks report looks negative for Corn and slightly friendly for Beans. If you went long Corn in the 368'0 area yesterday I recommend using a 10'0 protective sell stop against this position. If you went long May Beans in the 935'0 area, either take profits on a higher market this morning or use a protective sell stop at 940'4. The May Beans 880'0/1000'0 strangle closed around 19'4. If you remain short this trade, take profits at 19'0 today if the market allows.
Cattle: Yesterday Apr. Cattle closed 20 higher at 94.40 and June 5 higher at 92.32. Overall open interest dropped by 1775 contracts. About 8500 contracts were rolled from the Apr. contract to deferred contracts. I continue to recommend hedgers be looking to buy out of the money puts as price insurance.
Silver: May Silver is currently 1 cent lower at 17.32. I continue to recommend taking partial profits from long futures positions. We remain long out of the money call spreads on the July contract.
S&P's: June S&P's are currently 50 lower at 1135.25. Yesterday we went short this market. I am currently recommending protecting this position with a buy stop at 1150.00. If the market trades below the 1126.00 level, lower your buy stop to the 1144.00 level. We remain long out of the money puts as portfolio insurance.
Currencies: As of this writing the Jun. Euro is trading 21 higher at 1.3612, the Swiss 20 higher at .9321, the Yen 67 lower at 1.1056 and the Pound 34 lower at 1.4944. We remain long the Jun. Yen 1.0600 put and/or the long 1.06/short the 1.02 put spread. I am still looking to be a seller in the Jun. Euro above the 1.3800 level if the market allows. The Jun. Dollar Index is currently 1 higher at 80.89.