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Financials: June Bonds are currently 3 lower at 146’01, 10 Yr. Notes 1 lower at 120’26 and the 5 Yr. Notes 0.5 lower at 114’07.2. Yesterday’s release of the FOMC minutes indicated that the Fed might be more hawkish than originally thought giving traders a reason to price in 3-4 rate hikes for the year. On the other side of the coin the geo-political situation with Syria has caused a flight to safety. It seems that the “trade war” is now on the back burner so to speak. I will still treat the Bonds as a trading affair between 144’15 and 147’06.
Grains: May Corn is currently 1’4 lower at 385’4, Beans 2’0 higher at 1049’4 and Wheat 9’2 lower at 478’0. I am reinstating a short position in May Beans after being stopped out of a short position last week at 1034’0. Technical resistance at 1064’0.
Cattle: Last Thurs. we took profits on recent long positions in June LC. Near term fundamentals remain negative, however, the market has priced in a huge discount to current cash price levels. Technically I feel the June LC made a near term bottom in the 98.00 area and I would put resistance in the 106-108.00 area. I will be a buyer under 101.00.
Silver: May Silver is currently 16 cents lower at 16.60. We remain long.
S&P’s: June S&P’s are currently 14.00 higher at 2655.00. I am still recommending buying out of the money puts and/or put spreads.
Currencies: I remain on the sidelines.