Financials: Bonds are currently 22 lower at 126'09, the 10 Yr. Notes 12 lower, the 5 Yr. Notes 8 lower and the 2 Yr. Notes 3 lower at 108'18.0. The Dec. Eurodollars are 6 lower at 98.66. If the Dec. Eurodollars trade below 98.61 cover recent short positions. We remain short the 2 Yr. Notes and/or the 5 Yr. Notes and will cover these positions if the 2 Yr. Notes trade below the 108'12.0 level. I remain on the sidelines in the Bonds. Support and resistance for June Bonds is currently 125'26 to 128'04.
Grains: Yesterday Beans were 23 higher, Corn 1 higher and Wheat 9 higher. Over night Beans were up 9, Corn down 1 and Wheat up 1. We remain long out of the money calls and/or call spreads. I will go long July Corn futures on a break below the 385'0 level. As for Wheat, if you went long I recommend a protective sell stop below the 509'0. I must admit that I have given you some misleading information. The actual contract low for July Wheat is 497'0 made on Dec. 4, 2008. The low that I have been referring to was 510'6 made on Mar. 3, 2009.
Cattle: Yesterday Live Cattle was 12-112 higher with the June contract closing 35 higher at 85.12. In this morning's electronic trading, June Cattle is currently 17 higher at 85.30. If you remain long either take profits or raise your protective sell stop to the 84.60 level.
Silver: May Silver is currently 36 cents lower at 11.88. We have been waiting for a break to go long between the 11.80 and 12.10 level. I recommend going long for both a long term and short term trade. Near term resistance is currently the 12.40 level.
S&P's: June S&P's are currently 1.25 higher at 863.00. If you remain long take profits! Recent better than expected earnings in the Banking sector have pushed the market into resistance between 862.00 and 869.00. I am recommending the short side of the market for the next few sessions.
Currencies: As of this writing the June Euro is currently 113 lower at 1.3052, the Swiss 138 lower, the Yen unchanged and the Pound down 90 points at 1.4832. If you did not take profits from a recent long position in the Euro yesterday morning, my recommended sell stop was penetrated late in the session. I am once again trying the long side of the market at current levels. The June Dollar Index is currently 62 higher at 86.12. I am willing to try the short side of this market above 86.50.