Financials: June Bonds are currently 1'06 higher at 149'00 and the 10 Yr. Note 15 higher at 133'10. Yields continue to drop in an ongoing "flight to quality" as China denies reports of a stimulus program and Spain has problems attracting the capital from the international community to recapitalize their banks. As I have mentioned over the last couple of weeks, I am not able to participate in the market on the long side with yields so low feeling that the surprise will be on the downside. Consider puts for Sept. expiration. Starting tomorrow I will be quoting the Sept. contracts.
Grains: July Corn is currently trading fractionally lower at 562'0 after closing sharply lower yesterday due to good weather, lack of export news and a strong dollar.Users of Corn might consider long hedges for short term needs. I am willing to trade from the long side of the market at these levels. Support is currently 555'0 and resistance the 580'0 area. Also fo note the July/Dec. Corn spread has narrowed from 100'0 premium the July to just under 50'0 premium the July.
Cattle: Aug. LC is currently 95 lower ar 118.65 and Aug. FC 90 lower at 156.70. A strong dollar is cutting into export sales and declining feed grain prices may be encouraging producers to feed caatle to heavier weights. Support for Aug. LC is currently 117.25 and resistance 121.50.
Silver: July Silver is currently 30 cents lower at 27.50 and Aug. Gold 13.00 lower at 1538.00. I continue to hold a small enough long position in Silver that will enable me to add on sharp breaks from current levels. As for Gold, I am recommending the sidelines being cognizant that the market may have been down at current levels one time too many.
S&P's: June S&P's are currently 17.00 lower at 1316.50. Support is currently the 1314.00 level and resistance the 1333.00 level. Treat as a trading affair between support and resistance. I prefer to be out of the market going into Thur. Weekly Jobless Claims Report and Friday's Monthly Unemployment Report.
Currencies: As of this writing the June Euro is trading 72 lower at 1.2417, the Swiss 60 lower at 1.0343, the Yen 100 higher at 1.2680 and the Pound 75 lower at 1.5558. Trends remain down.
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