Grains: Yesterday Beans were 48 cents higher, Corn 16 higher and Wheat 16 higher. Over night Beans were 7 lower, Corn 3 lower and Wheat 4 lower. We remain long out of the money calls and/or call spreads in July Corn.
Cattle: Yesterday Live Cattle closed 22 to 65 higher with the Aug. contract closing 22 higher at 81.00. I still like the long side of this market form below the 80.50 level. If you went long over the last few sessions use a protective sell stop below 79.00. If the market trades above the 82.00 level either take profits or raise your sell stop to your break even level.
Silver: July Silver is currently 50 cents lower at 15.41. I am currently on the sidelines. I will be a buyer below the 14.60 level.
S&P's: June S&P's are currently 11.00 higher at 951.50. I am currently on the sidelines. the market is now above the Nov. 10, 2008 high of 950.50 and the long term trend may be pointing higher. I am going to wait until next week to initiate any new trades.
Currencies: As of this writing the June Euro is 73 lower at 1.4105, the Swiss 85 lower, the Yen 117 lower and the Pound 160 lower at 1.6033. The June Dollar Index is currently unchanged at 80.180. I remain on the sidelines.
Financials: Bonds are currently 1'04 lower at 113'11, the 10 Yr. Notes 1'04 lower, the 5 Yr. Notes 28 lower and the 2 Yr. Notes 13 lower at 107'30. Dec. Eurodollars are 18 lower at 98.810. This mornings Employment Report showed a loss in non-farm payrolls of 345,000 jobs, far less than the surveyed estimates of 520,000. The unemployment rate is now 8.9% versus expectations of 9.0-9.2%. This caused an immediate reaction to the downside in Bond and Note futures (an indication of higher rates). We remain short the Sept. 2 Yr. Notes and Dec. Eurodollars.