Financials: June Bonds are currently steady at 116'30. On Friday we were stopped out of a short position in the Bonds and the combination of short Bonds and short the Jun. Bond 115'00 put when the market traded above the 116'28 level. I will be looking to reinstate these positions at the 118'00 level if the market allows.

Grains: On Friday May Beans closed 5 cents lower at 925'4, Corn 1 lower at 364'2 and Wheat 6'4 higher at 485'2. Over night Beans were 1 lower, Corn 1 lower and Wheat 1 lower. We remain long May Corn with a protective sell stop at 358'0. The May Beans 880'0/1000'0 strangle closed at about 18'0. If you remain short this strangle, I recommend taking profits.

Cattle: On Friday Apr. Cattle closed 127 higher at 95.10, Jun. 85 higher at 92.80 and Aug. 42 higher at 90.57. Open interest went up 2400+ overall. Apr. open interest was down by 4700+, Jun. up 4600+ and Auf. Up 950+. I continue to recommend hedgers buying out of the money puts as price insurance. Spreaders might consider selling Apr. /buying Aug. as I feel the market is currently over bought on the Apr. contract.

Silver: May Silver is currently 2 cents lower at 17.03. 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: As of this writing Jun. S&P's are 3.00 lower at 1143.50. We remain short. Support is currently 1127.00 and resistance 1152.00. I continue to recommend out of the money puts as portfolio insurance.

Currencies: As of this writing the Jun. Euro is currently 49 lower at 1.3708, the Swiss 3 lower at .9444, the Yen 19 lower 1.1034 and the Pound 118 lower at 1.5045. We remain long the Jun. Yen 1.06 put and/or the Jun. Yen 1.06/1.02 put spread. I will be a seller in the Jun. Euro above the 1.3800 level if the market allows. The Jun. Dollar Index is currently 26 higher at 80.34.

Regards,

Marc