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Financials: June Bonds are currently 17 higher at 148’24, 10 Yr. Notes 9.5 higher at 124’01.5 and the 5 Yr. Note 5.5 higher at 115’24.0. I am still looking to sell the Bonds above 149’15. In the mean time I feel the 5 Yr. Notes are a sale for a short-term trade at present levels with a profit objective of 7-15 ticks. I continue to hold the long Dec 2019/short Dec 2020 Eurodollar spread. Friday could be a day of high volatility if the tariffs are raised on Chinese goods and services.
Grains: July Corn is currently 3’4 lower at 360’6, Beans 5’6 lower at 821’4 and Wheat 3’6 lower at 435’2. Grains continue their slide as the export market is threatened with retaliatory tariffs by the Chinese if the U.S. acts on the threat of higher tariffs on Chinese imports. Friday morning will also see the latest supply/demand report and beginning estimates of new crop statistics. All that being said, I will try the long side of July Corn below 355’0. I have no positions in Beans but I suspect they will trade below 800’0.
Cattle: Live and Feeder Cattle continue their slide as the market experienced liquidation of a record amount of long positions by funds. WE have taken profits from long put spreads and I am now looking to the long side of the market. Consider selling puts 5.00-6.00 points out of the money on August contracts.
Silver: July Silver is currently 7 cents lower at 14.795. I remain long a small position.
S&P’s: June S&P’s are 21.00 lower at 2866.25. This market has cratered due to threat of continued trade war with China. Treat as a trading affair between 2847.50 and 2913.00
Currencies: As of this writing the June Euro is currently 2.5 at 1.12265, the Yen 23.5 higher at 0.91325, the Pound 9 lower at 1.3021 and the Dollar Index 1.2 higher at 97.400. WE remain short the Dollar Index.