S&P's: June S&P’s are currently 5.00 lower at 884.50. As mentioned Wednesday I am looking to take profits from recent short positions below the 888.00 level. My downside objective has been the 875.00 level and we came close enough to this level with yesterday’s low of 878.75 to satisfy myself. If you remain short either take profits or lower your buy stop to the 898.00 level.
Currencies: As of this writing the June Euro is 90 lower at 1.3560, the Swiss 45 lower, the Yen 60 higher and the Pound 32 lower at 1.5198. We remain short the Pound with a protective buy stop at 1.5450. The June Dollar Index is currently 34 higher at 82.710. We remain long the June Dollar Index with a protective sell stop at 81.65.
Financials: Bonds are currently 5 higher at 123’08, the 10 Yr. Notes 3 lower, the 5 Yr. Notes 1 lower and the 2 Yr. Notes unchanged at 108’30. Dec. Eurodollars are currently 2 higher at 99.030. We remain short the June 2 Yr. Notes and Dec. Eurodollars. We also remain short June Bonds out of the money puts and/or long out of the money calls. I recommend covering the out of the money puts. If you are long calls either take profits or sell a higher strike price against your current call position. My objective of 124’00 was just about met with the overnight high in June Bonds of 123’23.
Grains: Yesterday Beans were 19 cents higher, Corn 2 higher and Wheat 4 higher. Over night Beans were 1 higher, Corn fractionally higher and Wheat 4 higher. Over the last 2 days my protective sell stop was executed in July Wheat when the market traded through the 587’0 level putting us on the sidelines in this market. We still remain long out of the money calls and/or call spreads in July Corn.
Cattle: Yesterday Live Cattle closed unchanged to 30 higher with the nearby June contract closing 30 higher at 82.80. If you remain long either take profits or continue to use a protective sell stop at 82.05.
Silver: July Silver is currently 16 cents lower at 13.89. I remain on the sidelines and will be a cautious buyer on a break below the 13.60 level. Resistance remains at 14.40.