Friday NAS +19.24 Gold -13.19 DOW +39.51 S&P +8.12 CRB +2.64 USD -0.140

The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes

The June NASDAQ 100 was higher overnight as it extends Thursday's rally above the upper
boundary of this year's trading range crossing at 1286.50. Stochastics and the RSI are diverging
but are bullish signaling that sideways to higher prices are possible near-term. If June extends the
rally off March's low, the reaction high crossing at 1386.25 is the next upside target. Closes below
the 20-day moving average crossing at 1206.28 are needed to confirm that a short-term top has
been posted. First resistance is the overnight high crossing at 1311.75. Second resistance is the
reaction high crossing at 1386.25. First support is the 10-day moving average crossing at 1257.32.
Second support is the 20-day moving average crossing at 1206.28. The June NASDAQ 100 was
up 8.00 pts. at 1309.50 as of 5:51 AM CST. Overnight action sets the stage for a higher opening
by March NASDAQ 100 when the day session begins later this morning.

The June S&P 500 index was higher overnight as it extends Thursday's rally. Stochastics and the
RSI are diverging but are turning bullish signaling that sideways to higher prices are possible near-
term. If June extends the rally off March's low, February's high crossing at 867.50 is the next
upside target. Closes below the 20-day moving average crossing at 780.25 are needed to confirm
that a short-term top has been posted. First resistance is Thursday's high crossing at 842.00.
Second resistance is February's high crossing at 867.50. First support is the 10-day moving
average crossing at 813.36. Second support is the 20-day moving average crossing at 780.25. The
June S&P 500 Index was up 2.00 pts. at 837.50 as of 5:53 AM CST. Overnight action sets the
stage for a higher opening by the March S&P 500 index when the day session begins later this
morning.

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INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

June T-bonds were lower overnight due to profit taking as it extends Thursday's key reversal down
and is trading below initial support marked by the 10-day moving average crossing at 1283.12.
Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible
near-term. If June extends the rebound off last week's low, the reaction high crossing at 132-18 is
the next upside target. Closes below the 20-day moving average crossing at 127-27 would confirm
that a short-term top has been posted. First resistance is Thursday's high crossing at 130-30.
Second resistance is March's high crossing at 132-18. First support is the overnight low crossing
at 128-20. Second support is the 20-day moving average crossing at 127-27.
ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy

May crude oil was higher overnight as it extends Thursday's rally above the 10-day moving
average crossing at 51.95. Stochastics and the RSI are turning bullish signaling that sideways to
higher prices are possible near-term. If May extends this week's rally, the reaction high crossing at
54.66 then January's high crossing at 58.31 are the next downside targets. Closes below
Wednesday's low crossing at 47.26 would confirm that a short-term top has been posted. First
resistance is the overnight high crossing at 53.90. Second resistance is March's high crossing at
54.66. First support is the 20-day moving average crossing at 50.23. Second support is
Wednesday's low crossing at 47.26.

May heating oil was higher overnight as it extends Thursday's rally above the 10-day moving
average crossing at 143.50. Stochastics and the RSI are turning bullish signaling that sideways to
higher prices are possible near-term. If May extends this week's rally, March's high crossing at
151.54 is the next upside target. Closes below Wednesday's low crossing at 129.98 would confirm
that a short-term top has been posted. First resistance is the overnight high crossing at 146.50.
Second resistance is March's high crossing at 151.54. First support is the 20-day moving average
crossing at 134.73. Second support is Wednesday's low crossing at 129.98.

May unleaded gas was higher overnight as it extends Thursday's rally and is trading above the 10-
day moving average crossing at 147.23. Stochastics and the RSI are turning neutral signaling that
sideways to higher prices are possible near-term. If May extends this week's rally, March's high
crossing at 155.46 is the next upside target. Closes below Wednesday's low crossing at 134.11
would confirm that a short-term top has been posted. First resistance is Thursday's high crossing
at 148.40. Second resistance is March's high crossing at 155.46. First support is the 20-day
moving average crossing at 142.49. Second support is Wednesday's low crossing at 134.11.

May Henry natural gas was higher due to short covering overnight as it consolidates some of this
week's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that
sideways to lower prices are possible near-term. If May extends this year's decline, monthly
support crossing at 3.390 is the next downside target. Closes above the 10-day moving average
crossing at 3.981 would signal that a low has been posted. First resistance is the 10-day moving
average crossing at 3.981. Second resistance is last Thursday's high crossing at 4.467. First
support is Wednesday's low crossing at 3.629. Second support is monthly support crossing at
3.390.
CURRENCIES

The June Dollar was steady to slightly lower overnight as it extends Thursday's decline below the
10-day moving average crossing at 85.05. Stochastics and the RSI are turning neutral to bearish
signaling that sideways to lower prices are possible near-term. Multiple closes below the 10-day
moving average crossing at 85.05 would temper the near-term friendly outlook in the market.
Closes above Monday's high crossing at 86.61 are needed to confirm that a short-term low has
been posted. First resistance is the 20-day moving average crossing at 86.09. Second resistance is
Monday's high crossing at 86.61. First support is Thursday's low crossing at 84.46. Second
support is March's low crossing at 83.14.

The June Euro was steady to slightly lower covering overnight as it consolidates some of
Thursday's rally but remains above the 10-day moving average crossing at 134.080. Stochastics
and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-
term. Closes above the 10-day moving average crossing at 134.128 would temper the near-term
bearish outlook in the market while opening the door for a possible test of March's high crossing at
137.37 later this month. Closes below Monday's low crossing at 131.140 are needed to confirm
that a short-term top has been posted. First resistance is Thursday's high crossing at 135.190.
Second resistance is March's high crossing at 137.37. First support is the 20-day moving average
crossing at 132.278. Second support is Monday's low crossing at 131.140.

The June British Pound was slightly higher overnight as it extends this week's rally. Stochastics
and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June
extends this week's rally, February's high crossing at 1.4950 is the next upside target. Closes
below Monday's low crossing at 1.4112 are needed to confirm that a short-term top has been
posted. First resistance is the overnight high crossing at 1.4834. Second resistance is February's
high crossing at 1.4950. First support is the 10-day moving average crossing at 1.4500. Second
support is the 20-day moving average crossing at 1.4279.

The June Swiss Franc was slightly higher overnight as it consolidates above the 20-day moving
average crossing at .8727. Stochastics and the RSI remain neutral to bearish signaling that
sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing
at .8727 are needed to confirm that a short-term top has been posted. Closes above the 10-day
moving average crossing at .8825 would temper the near-term bearish outlook. First resistance is
the 10-day moving average crossing at .8825. Second resistance is the reaction high crossing at
.8980. First support is the 20-day moving average crossing at .8727. Second support is Monday's
low crossing at .8672.

The June Canadian Dollar was higher due to short covering overnight and trading above the 10-day
moving average crossing at 80.59. Stochastics and the RSI are turning neutral to bullish signaling
that sideways to higher prices are possible near-term. Closes above the 10-day moving average
crossing at 80.59 would confirm that a short-term low has been posted while opening the door for a
possible test of March's high crossing at 82.09 later this month. Closes below Wednesday's low
crossing at 78.71 would confirm that a short-term top has been posted. First resistance is
Thursday's high crossing at 81.10. Second resistance is March's high crossing at 82.09. First
support is the 20-day moving average crossing at 79.74. Second support is Wednesday's low
crossing at 78.71.

The June Japanese Yen was steady to slightly lower overnight as it extends Thursday's decline
below March's low. Stochastics and the RSI remain bearish signaling that sideways to lower prices
are possible near-term. If June extends the overnight decline, the 75% retracement level of the 2008
rally crossing at .9799 is the next downside target. Closes above the 20-day moving average
crossing at .10234 would temper the near-term bearish outlook. First resistance is the 10-day
moving average crossing at .10188. Second resistance is the 20-day moving average crossing at
.10234. First support is the overnight low crossing at .9993. Second support is the 75%
retracement level crossing at .9799.

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PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

April gold was lower overnight as it extends this week's decline below the 20-day moving average
crossing at 925.80. Stochastics and the RSI remain bearish signaling that sideways to lower prices
are possible near-term. Closes below the reaction low crossing at 882.70 would confirm that a top
has been posted. Closes above Wednesday's high crossing at 932.50 would temper the near-term
bearish outlook in the market. First resistance is the 20-day moving average crossing at 923.50.
Second resistance is Wednesday's high crossing at 932.50. First support is Thursday's low
crossing at 894.90. Second support is March's low crossing at 882.70.

May silver was lower overnight as it extends this week's decline. Stochastics and the RSI remain
bearish signaling that sideways to lower prices are possible near-term. If May extends this week's
decline, fib support crossing at 12.358 is the next downside target. From a broad perspective, May
silver needs to close above 13.885 or below 11.890 to confirm a breakout of March's trading range
and point the direction of the next trending move. First resistance is the 20-day moving average
crossing at 13.083. Second resistance is the 10-day moving average crossing at 13.238. First
support is Thursday's low crossing at 12.560. Second support is the 38% retracement level of the
October-February rally crossing at 12.358.

May copper was higher overnight as it extends this week's rally. Stochastics and the RSI are
turning bullish signaling that sideways to higher prices are possible near-term. If May renews the
rally off December's low, the 25% retracement level of the 2008 decline crossing at 192.28 is the
next upside target. Closes below the 20-day moving average crossing at 177.09 are needed to
confirm that a short-term top has been posted. First resistance is the overnight high crossing at
190.80. Second resistance is the 25% retracement level crossing at 192.28. First support is the 10-
day moving average crossing at 183.88. Second support is Monday's low crossing at 175.25.
FOOD & FIBER http://quotes.ino.com/exchanges/?c=food

SOFTS: May sugar closed up 33 points at 13.06 cents
today. Prices closed nearer the session high today on short
covering and fresh speculative buying. The key "outside
markets" were very bullish for sugar today, as the U.S.
dollar was solidly lower and crude oil and equities prices
were sharply higher. Sugar bears still have the slight
near-term technical advantage.

May coffee closed up 260 points at 117.10 cents today.
Prices closed nearer the session high today on short
covering and fresh speculative buying. The key "outside
markets" were very bullish for coffee today, as the U.S.
dollar was solidly lower and crude oil and equities prices
were sharply higher. Coffee bears still have the slight
near-term technical advantage.

May cocoa closed up $84 at $2,702 today. Prices closed
nearer the session high today and hit a fresh nine-week
high. The key "outside markets" were very bullish for cocoa
today, as the U.S. dollar was solidly lower and crude oil
and equities prices were sharply higher.

May cotton closed down 2 points at 46.13 cents today.
Prices closed nearer the session low again today, but did
hit another fresh six-week high. The key "outside markets"
were very bullish for cotton today, as the U.S. dollar was
solidly lower and crude oil and equities prices were
sharply higher. Bulls have gained fresh upside near-term
technical momentum this week, but need to show fresh power
soon to keep it.

May orange juice closed up 75 points at $.7525. Prices
closed nearer the session high today on short covering. The
FCOJ bears still have the overall near-term technical
advantage. The next downside technical objective for the
FCOJ bears is to produce a close below solid technical
support at last week's low of $.7130.

May lumber futures closed up $4.20 at $179.50 today. Prices
closed near mid-range and did hit another fresh seven-week
high today. Bulls are gaining fresh upside near-term
technical momentum. The next upside technical objective for
the lumber bulls is pushing and closing prices above solid
technical resistance at the February high of $187.50.

GRAINS http://quotes.ino.com/exchanges/?c=grains

May corn was fractionally lower overnight as it consolidates some of Thursday's rally. The high-
range close overnight sets the stage for a steady to higher opening when the day session begins later
this morning. Stochastics and the RSI are diverging but remain neutral to bullish signaling that
sideways to higher prices are possible near-term. If May extends the rally off March's low, the
reaction high crossing at 4.13 is the next upside target. Closes below Monday's low crossing at
3.76 3/4 would confirm that a short-term top has been posted. First resistance is Thursday's high
crossing at 4.07 1/2. Second resistance is the reaction high crossing at 4.13. First support is the
10-day moving average crossing at 3.94 1/4. Second support Second support is the 20-day moving
average crossing at 3.89 1/4.

May wheat was higher overnight as it extends this week's rally. The high-range close sets the stage
for a steady to higher opening when the day session begins trading later this morning. Stochastics
and the RSI are bullish signaling that sideways to higher prices are possible. If May extends this
week's rally, March's high crossing at 5.63 is the next upside target. Closes below the 10-day
moving average crossing at 5.28 3/4 would temper the near-term friendly outlook in the market.
First resistance is the overnight high crossing at 5.57. Second resistance is March's high crossing
at 5.63. First support is the 10-day moving average crossing at 5.28 3/4. Second support is
Monday's low crossing at 5.01.

May Kansas City Wheat closed up 25 1/2-cents at 5.91 1/2.

May Kansas City Wheat gapped up and closed above the 20-day moving average crossing at 5.78
3/4 on Thursday confirming that a double bottom with March's low has been posted. The high-
range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are
bullish signaling that sideways to higher prices are possible near-term. If May extends Thursday's
rally, March's high crossing at 6.12 is the next upside target. Closes below Thursday's gap
crossing at 5.70 1/2 would confirm that a short-term top has been posted. First resistance is the
overnight high crossing at 5.93. Second resistance is March's high crossing at 6.12. First support
is Thursday's gap crossing at 5.70 1/2. Second support is Tuesday's low crossing at 5.46 1/2.

May Minneapolis wheat was lower due to profit taking overnight as it consolidates some of
Thursday's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are
possible near-term. If May extends this week's rally, the 62% retracement level of this year's
decline crossing at 6.66 1/2 is the next upside target. Closes below the 20-day moving average
crossing at 6.26 3/4 would confirm that a short-term top has been posted. First resistance is the
overnight high crossing at 6.61. Second resistance is the 62% retracement level crossing at 6.66
1/2. First support is the 10-day moving average crossing at 6.30 1/2. Second support is the 20-day
moving average crossing at 6.26 3/4.

SOYBEAN COMPLEX

May soybeans were higher overnight as it extends this week's rally. The high-range overnight close
sets the stage for a steady to higher opening when the day session begins later this morning.
Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term.
If May extends the rally off March's low, the 75% retracement level of the January-February
decline crossing at 10.11 1/4 is the next upside target. Closes below Monday's low crossing at
8.97 would confirm that a short-term top has been posted. First resistance is Thursday's high
crossing at 9.87 1/2. Second resistance is the 75% retracement level crossing at 10.11 1/4. First
support is the 10-day moving average crossing at 9.50 1/4. Second support is the 20-day moving
average crossing at 9.24 3/4.

May soybean meal was higher overnight as it extends this week's rally. The high-range close
overnight set the stage for a steady to higher opening when the day session begins trading later this
morning. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible
near-term. If May extends this week's rally, March's high crossing at 308.80 is the next upside
target. Multiple closes below Monday's low crossing at 277.70 would confirm that a short-term
low has been posted. First resistance is Thursday's high crossing at 303.70. Second resistance is
March's high crossing at 308.80. First support is the 10-day moving average crossing at 294.00.
Second support is the 20-day moving average crossing at 287.90.

May soybean oil was slightly higher overnight as it extends Thursday's rally. Spillover strength
from the energy complex helped to underpin the overnight rally. The high-range close sets the stage
for a steady to higher opening when the day session begins later this morning. Stochastics and the
RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-
term. If May extends the rally off March's low, the 75% retracement level of this year's decline
crossing at 35.77 is the next upside target. Closes below Monday's low crossing at 31.76 would
confirm that a short-term top has been posted. First resistance is the overnight high crossing at
35.26. Second resistance is the 75% retracement level crossing at 35.77. First support is the 10-
day moving average crossing at 33.51. Second support is the 20-day moving average crossing at
32.23.
LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

LIVESTOCK: June live cattle closed up $1.62 at $83.00
today. Prices gapped higher on the daily bar chart, hit a
fresh five-week high and then did back off the high to
close near mid-range. The key "outside markets" were very
bullish for cattle today, as the U.S. dollar was solidly
lower and crude oil and equities prices were sharply
higher. The cattle bears still have the solid near-term
technical advantage.

May feeder cattle closed up $1.70 at $95.65 today. Prices
closed nearer the session high today on short covering.
Bears still have the overall near-term technical advantage.
The next upside price objective for the feeder bulls is to
push prices above solid technical resistance at $98.00.

June lean hogs closed up $0.65 at $72.10 today. Prices
closed nearer the session high today. The key "outside
markets" were very bullish for hogs today, as the U.S.
dollar was solidly lower and crude oil and equities prices
were sharply higher. Yet, hogs could only manage tepid
gains, and that shows the bearish nature of the hog market
fundamentals at present.

May pork bellies closed up $0.80 at $87.80 today. Prices
closed near the session high. Bulls have gained some upside
near-term technical momentum. The next upside price
objective for the bulls is pushing and closing prices above
solid technical resistance at $90.00.

____________________________________________________________________________

E X T R E M E F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
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WINNERS

KW.K10 HARD RED WINTER WHEAT May 2010 660.5 44.5 +7.22
HG.N09 COPPER Jul 2009 2.0095 0.1120 +5.89
BCX.K09 CBOT SOYBEAN CRUSH INDEX May 2009 66.25 2.75 +4.33
LB.K09 LUMBER (RANDOM LENGTH) May 2009 187.4 6.7 +3.71
LK.M09 CANADIAN $ (A.O.N) Jun 2009 0.8123 0.0269 +3.43
NGX.U09 5 YEAR INT RATE SWAP (IMPLIED YLD) Sep 2009 2.38321 0.07888 +3.42
SM.K09 SOYBEAN MEAL May 2009 306.0 8.6 +2.89
LH.K09 LEAN HOGS May 2009 73.900 2.025 +2.82
NIX.M09 10 YEAR INT RATE SWAP (IMPLIED YLD) Jun 2009 2.99555 0.07738 +2.65
W.K09 WHEAT May 2009 563.5 13.0 +2.36

LOSERS

BCX.G10 CBOT SOYBEAN CRUSH INDEX Feb 2010 57.00 -4.25 -7.56
SI.K09 SILVER May 2009 12.735 -0.290 -2.23
RB.Y$$ CHEESE-BARRELS (SPOT) Cash 1250 -25 -1.98
US.M09 T-BOND Jun 2009 126.984375 -2.171875 -1.68
GC.M09 GOLD Jun 2009 897.3 -11.6 -1.28
LB.K10 LUMBER (RANDOM LENGTH) May 2010 210.0 -2.5 -1.18
TY.M09 10 YEAR T-NOTE Jun 2009 121.968750 -1.406250 -1.14
NK.M09 NIKKEI 225 INDEX Jun 2009 8940 -90 -1.00
JY.Y$$ JAPANESE YEN Cash 0.009977 -0.000088 -0.87
FV.M09 5 YEAR T-NOTE Jun 2009 117.523438 -0.804688 -0.68

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E X T R E M E S T O C K S
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Updated every 10 minutes around the clock.
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WINNERS

DNDN DENDREON CORP 5.9699 1.6299 +37.56
FCVA FIRST CAPITAL BANCORP 8.0 1.9 +31.15
KIM KIMCO REALTY CORP 9.40 1.91 +25.50
WAMPQ WASHINGTON MUTUAL PR 6.89 1.39 +25.27
KIM.PR.F KIMCO REALTY 6.65 PR F 14.00 2.60 +22.81
MAC MACERICH CO (THE) 9.840 1.800 +22.39
CBST CUBIST PHARMACEUTICALS 19.43 3.50 +21.97
RIMM RESEARCH IN MOTION LTD 59.358 10.268 +20.92
PFG PRINCIPAL FINANCIAL GROUP 10.53 1.75 +19.93
AGO ASSURED GUARANTY LTD 9.63 1.60 +19.93

LOSERS

PFACP PRO-FACTORY COOPERATIVE INC PR A 17.28 -4.54 -20.81
ALKS ALKERMES INC 9.49 -1.92 -16.83
SBBC SECURITY BUSINESS BANCORP 7.95 -1.55 -16.32
HGU HORIZONS BETAPRO GLOBAL GOLD BULL 11.62 -1.85 -13.73
RCRC RC 2 CORP 6.140 -0.960 -13.52
CSS CSS INDUSTRIES INC 17.10 -2.42 -12.40
ABVTZ ABOVENET WTS 9/8/10 22 -3 -12.00
CLW CLEARWATER PAPER CORP 8.08 -1.06 -11.60
ZEP ZEP INC 10.98 -1.39 -11.24
LIHR LIHIR GOLD LTD ADS 21.15 -2.52 -10.65

Financial News & Opinions 03 Apr 2009

Daily Markets - Financial News & Opinions

How China Price Fight Impacts Coal ETF Performance Posted: 03 Apr 2009 12:00 PM PDT One of the world’s largest consumers of coal is helping related exchange traded funds (ETFs) give off a little heat. China may increase the price of coal by 4% this year. This is because the government increased value-added taxes by coal producers this year to 17%, from 13% in 2008, reports Zhang Shidong for Bloomberg. Huaneng Power International, China’s largest electricity provider, has backed off its bid to cut contract coal prices, however. The move is an effort to speed up talks … [visit site to read more]

Mark-To-Market Madness, Geithner Plan Shenanigans, The Economy And More Posted: 03 Apr 2009 10:00 AM PDT I’ve had a lot on my mind this week, and so has the market. Mark to market accounting … the Geithner plan … and the latest economic data have all been capturing the attention of investors. So I want to share my latest thoughts on all of these market drivers, and explain where we’re likely headed next … Mark to Market Accounting Mess Shows That Congress, Bankers Just Don’t Get It … This week, the Financial Accounting Standards Board (FASB) caved on the mark-to-market … [visit site to read more]

GBP/USD Looking Bullish As It Bounces Off The Triple Support Posted: 03 Apr 2009 09:24 AM PDT Price action on GBP/USD, a daily chart of which is shown, has displayed significant bullishness since the pair bounced up off the triple support provided by: the 1.4100 horizontal support level, a short-term uptrend channel support line, and a medium-term downtrend support line. Currently, price has moved up significantly within the short-term parallel uptrend channel, tentatively surpassing the recent 1.4775 swing high, and now appears to be targeting strong resistance right around the … [visit site to read more]

Gold Falls Below $900 As It Nears 100 Day Moving Average Posted: 03 Apr 2009 09:13 AM PDT The party was really rocking, with free drinks provided by Nationwide, G20 and the FASB (the ECB promised to buy the next round). Then someone worked out the beer was alcohol free; it was all fizz and no body. A quiet end to the week for me. I tend not to deal ahead of US payrolls, though admittedly I missed a good trade in backing Sterling. I used the time wisely, hitting the gym for only the second time this week, then installing my new computer with all the extra work that … [visit site to read more]

Calculating The Implied Volatility Of The VIX Posted: 03 Apr 2009 09:00 AM PDT Earlier today, a reader had an excellent observation and question regarding the implied volatility of the VIX (^VIX): I noticed that the IV for ATM July options is 50 while the VIX itself is 42 right now. That seems crazy to me since the IV for the VIX is a second derivative and should be much more than the VIX itself… The problem with most data sources is that they assume the cash/spot VIX is the underlying for VIX options, instead of using VIX futures, which more accurately … [visit site to read more]

Not Just A Price Floor, Treasury Programs May Be A Stable Foundation For Economic Recovery Posted: 03 Apr 2009 08:40 AM PDT The U.S. Treasury’s much-maligned Term Asset-Backed Securities Loan Facility (TALF) and its new “prequel,” the Public-Private Investment Program (PPIP) have been viewed by the markets and skeptical prospective participants as merely a price discovery mechanism which, with a lot of luck, might create a floor under toxic security prices. Now, with markets showing signs of life, and relief from dreaded mark-to-market accounting rules passed yesterday (Thursday), the intended price … [visit site to read more]

How Middle East And ETFs Rose Above Global Crisis Posted: 03 Apr 2009 08:30 AM PDT It appears that Middle Eastern countries, and the exchange traded funds (ETFs) that track this volatile portion of the globe have been among the least affected from the global economic crisis. How? Despite lower oil revenues, cuts in oil input and an increase in crude supplies, the World Bank has pegged the oil exporting nations of the Middle East to grow at 2.9% in 2009, with oil averaging $47/barrel, states the Kaleej Times. This is in comparison to growth rates of 2.1% in the … [visit site to read more]

USD/AUD Index: The Downside Prevails. Posted: 03 Apr 2009 08:10 AM PDT Update on supports and resistances. … [visit site to read more]

USD/CAD Index: The Downside Prevails. Posted: 03 Apr 2009 08:10 AM PDT Update on supports and resistances. … [visit site to read more]

5 Stock Market Rally Drivers Posted: 03 Apr 2009 08:00 AM PDT We are in a recession and the economy is looking very bleak. From accelerating job losses in many industries to the potential bankruptcy of GM there is a lot of bad news to digest out there. So this being what it is, why is the stock market rallying like nobodies business? The S&P 500 index (^GSPC) is up a whopping 23% since just March 9. The Wall Street Journal has an interesting article in the ‘Smart Money’ section of their website titled Dow 8,000 - 5 Reasons Driving The … [visit site to read more]

It’s A Depression Posted: 03 Apr 2009 07:29 AM PDT The US March employment numbers, out this morning, are bleak: 8.5 percent of Americans officially unemployed, 663,000 more jobs lost. But if you include people who are out of work and have given up trying to find a job, the real unemployment rate is 9 percent. And if you include people working part time who’d rather be working full time, it’s now up to 15.6 percent. One in every six workers in America is now either unemployed or underemployed. Every lost job has a multiplier effect … [visit site to read more]

Forex Trading: AUD/USD Stalled Near Resistance Posted: 03 Apr 2009 07:28 AM PDT Price action on AUD/USD, a daily chart of which is shown, has stalled and retreated around key resistance in the 0.7230-60 region. This occurs after price broke out strongly above a flag continuation pattern. The current resistance area is a highly valid support/resistance zone, as price has turned several times in this zone both in the recent and distant past. Therefore, if price breaks out substantially above it, bullish momentum should be strong, and could eventually … [visit site to read more]

The “Man-Cession” Worsens: Jobless Rate Gap Of 2% Highest In History Posted: 03 Apr 2009 07:12 AM PDT According to today’s BLS report (Table A-1, Household Data), the U.S. economy has lost 5.76 million jobs since Dec. 2007. Further analysis shows that 79% of the job losses (4.551 million) were jobs held by males, compared to female jobs losses of 1,209,000, or 21% of the total (see top chart above). Of the 860,000 March jobs decline (household data), 84% of the job losses were male jobs (724,000), compared to a 136,000 job loss for females (16% of total). Further, the March … [visit site to read more]

USD/CHF Index: The Downside Prevails. Posted: 03 Apr 2009 07:10 AM PDT Update on supports and resistances. … [visit site to read more]

USD/JPY Index: Turning Up. Posted: 03 Apr 2009 07:10 AM PDT Update on supports and resistances. … [visit site to read more]

USD/GBP Index: Capped By A Negative Trend Line. Posted: 03 Apr 2009 07:10 AM PDT Update on supports and resistances. … [visit site to read more]

USD/EUR Index: Key ST Resistance At 76.5. Posted: 03 Apr 2009 07:10 AM PDT Update on supports and resistances. … [visit site to read more]

EUR/USD Falls Below 200-Hour Moving Average Posted: 03 Apr 2009 06:35 AM PDT The EUR/USD has moved below the first support level (200 hour MA). The level comes in currently at the 1.3383 level. The bias should be to the downside, with next target support coming in at the 1.3342 level. The 100 hour MA comes in at the 1.3291 level. Will need volume and momentum to continue to pressure the pair. Other topside resistance at the 1.3397 (prior low for the day) and 1.3420 to 1.3425 area. Moves back above these levels, hurt the downward … [visit site to read more]

A Total Of 5,133 Million Jobs Have Been Lost In The US Since January 2008 Posted: 03 Apr 2009 06:00 AM PDT The Manufacturing leads the way with 1,467 jobs lost since Jan 2008. Trade Transportation next weakest sector. Construction has lost 14% of jobs since January 2008. A total of 126,000 were lost this month, the 3rd worst on record. Goods Producing Jobs lost 305K jobs. Service producing jobs lost 358K continuing the trend of Service sector more weak than the manufacturing. Retail jobs fell by 47.8K. Temporary workers fell by 72K as that trend continues. Another … [visit site to read more]

Japanese Yen Heads For Biggest Weekly Decline Against The Euro Since February Posted: 03 Apr 2009 06:00 AM PDT Markets are rather steady this (Friday) morning in beginning of European session as investors calmed down from higher than usual volatility driven by ECB and G20 yesterday. During the G20 Summit in London, the leaders showed unity and pledged a “global plan for recovery in developed countries as well as in emerging markets”. The plan includes repairing the financial system, promoting global trade and investment, credit-rating firms and risk-taking by banks, rejecting protectionism and … [visit site to read more]

Crude Prices Still Choppy As Contango Continues Posted: 03 Apr 2009 05:33 AM PDT Already a choppy trading day in Crude oil this london morning, with very low volumes. It looks again today will be dominated by the weight of the financial markets. More fresh money, more sell side analysts calling for the bottom of oil prices and indeed we shall go higher. If there is anymore doubt to physical dynamics still looking poor, one only need to look at spreads of prompt vs 6 months out, in Crude oil and European heating oil. In the run up over the past 2 days, these spreads … [visit site to read more]

US Non-Farm Payrolls Data Today: Does The Market Even Care? Posted: 03 Apr 2009 02:28 AM PDT Well, the latest edition of policy “shock and awe” was released yesterday (Thursday), with FASB adjusting the mark to market rules and the G20 promising a Dr. Evil-esque “one triiilllliiioonnnn dollars!” for the world economy. Markets were so excited that they barely noticed the disappointment from the ECB. Well, that’s not entirely true. The euro rallied sharply against the dollar (because in a 16 vol currency pair, an extra 25 bps makes the carry sooooooo much more attractive), and … [visit site to read more]

G20 Summit: Reasons To Be Cheerful Posted: 03 Apr 2009 02:00 AM PDT Did the Summit succeed? This column argues that the G20 Summit is not the turning point, but it provides the strongest reason yet to be less pessimistic. The commitments may leave plenty of room for the devil to make mischief with, but it is hard to think what more the G20 could have done. Gordon Brown has pulled some large rabbits from his hat. The G20 summit will not mark a turning point in the path of this crisis; but it provides the strongest reason yet to be less pessimistic … [visit site to read more]

USD/JPY Breaks The 100 Level For The Second Time Today Posted: 03 Apr 2009 02:00 AM PDT With the JPY being offered and softening up across the board for a majority of the session, the USD/JPY has broke the key 100 handle for the second time this session hitting a 100.17 high. Looking at the chart below, the pair is comfortably sitting above the 200 Day moving average now as yesterday the pair broke this indicator and closed the trading session just on the line. The USD/JPY has not closed well above this moving average since October 1, … [visit site to read more]

Futures Outlook For Friday: S&P, Mini Dow Jones, Crude Oil Posted: 03 Apr 2009 01:56 AM PDT S&P 500 June Contract S&P again behaved perfectly, holding lower support at 807 and trading to 842. Buyers were happy and sellers didn’t really have to do much except defend 842. Now this morning there is scope for pullbacks with 825.52 your first short term retrace target. Buyers will be cautious at these levels, not knowing whether it will hold or not. Sellers will be looking for this to come lower and a break through to 818/816 is viable. Short covering and renewed buying … [visit site to read more]

Forex Commentary: G-20 Make Promises But Will They Deliver? Posted: 03 Apr 2009 01:45 AM PDT The U.S. Dollar fell sharply lower after news leaked that the G-20 had decided on a financial aid package designed to rescue the weaker nations of the global community. The Dollar opened lower on expectations that the G-20 summit would provide a little clarity and conviction to a new plan to help revive the global economy. The Dollar extended losses against most major currencies throughout the day and especially after the release of the official announcement following the closing comments … [visit site to read more]

Futures Outlook For Friday: FTSE, DAX, Eurostoxx Posted: 03 Apr 2009 01:45 AM PDT FTSE June Contract Ftse ramped higher yesterday with buyers not pausing for breath until finally sellers came out in force at 4119. However the downside was limited and this morning sellers are looking hopeful of a break lower so that yesterday’s opening gap to 3961 will be filled. Both sides would then be satisfied and would then expect buyers to take control and rally back to the highs of 4119 once more. You should see profit taking at these higher levels. Buyers will introduce longs if … [visit site to read more]

G20 Summit Leaders Pledge $1 Trillion To Spur Global Recovery Posted: 03 Apr 2009 01:45 AM PDT The Group of 20 leaders yesterday (Thursday) agreed to collectively pledge more than $1 trillion in emergency aid amid a financial crisis that has plagued every corner of the world. G-20 said the International Monetary Fund would receive $500 billion to loan to troubling economies, and another $250 billion in special drawing rights. The IMF will also sell some of its gold reserves to channel funds into the world’s poorest countries. Other developmental banks - including the World … [visit site to read more]

Global Investment News Briefs: US Mortgage Rate, GM, Copper, IBM, Oil Posted: 03 Apr 2009 01:30 AM PDT February Factory Orders Turn Positive; Fixed Mortgages at Record Low; GM Seeks Gov’t Money For Hybrids; Chile: Copper Prices Heading North; IBM Lowers Bid for Sun; Oil Surges 9% on Dollar Weakness U.S. factory orders rose in February, reversing six months of consecutive declines, the Commerce Department said. New factory orders rose 1.8% in February after dropping a revised 3.5% in January, Reuters reported. The 30-year fixed-mortgage rate dropped to 4.78%, a 30-year low, as the … [visit site to read more]

Video: 04/03 A New Economic Order Posted: 03 Apr 2009 06:00 AM PDT President Obama warned that the world could not expect the United States to lead the economic recovery alone. … [visit site to read more]

European Central Bank Continues Slashing Interest Rates Posted: 02 Apr 2009 10:00 PM PDT While the global economy dominated talks at London’s G-20 summit, European Central Bank President Jean-Claude Trichet continued lowering interest rates on Thursday, but said one of those rates has probably reached the floor. The ECB’s Governing Council lowered the bank’s benchmark interest rate 25 basis points to 1.25% - a rate Trichet said could be further lowered, albeit “in a measured way.” The ECB also lowered the deposit rate 25 basis points to 0.25%, an “extremely low level” that … [visit site to read more]

Mark-To-Market Rules Eased - A Good Change For Banks Posted: 02 Apr 2009 07:28 PM PDT The Financial Accounting Standards Board (FASB) today (Thursday) eased their guidelines on “mark-to-market” accounting, allowing companies to use their judgment in determining the “fair value” of their assets. The revised rules will make it easier for companies to avoid having to take impairment charges on their investments against earnings. The move comes after strong demand by the banks to relax the “mark-to-market” rules, which require companies companies to value assets at … [visit site to read more]

Depression Over? Hardly! Posted: 02 Apr 2009 07:25 PM PDT Today (Thursday), while the rally was in progress, Jim Cramer - bulls cheerleader - extraordinaire came onto CNBC for a brief stint and proclaimed that the “Depression” was over. Tonight when I was reviewing charts and looked at the action from today, it hardly screams “Depression over”. In fact, the trillions of dollars that are being printed out of thin air are going to create the largest bout of inflation that this nation has ever witnessed. To the extent that depressions are … [visit site to read more]

Equity-Bond Disconnect Redux Posted: 02 Apr 2009 07:20 PM PDT One of the regular features that Bloomberg provides to subscribers is its Chart of the Day column, which marries a graph produced using the functions available through the professional service with an article written by one of its editorial staff members. In today’s edition, “Bank Bondholders 'Losing Faith’ as Shares Surge: Chart of Day” [no link available], columnist David Wilson highlights the divergence between equity and fixed-income markets, a disparity that I’ve often made … [visit site to read more]

Stock Rally Based On FASB Caving To Political Pressure Posted: 02 Apr 2009 07:17 PM PDT Is this rally based on good economic data; earnings news; the G-20; more regulation; higher taxes; more debt and bailouts? Hell no! This is about the FASB caving to political pressure to allow financial institutions to mark their toxic waste to a model fantasy. It’s plain for all to see so please put the BS aside. Now, I’m just a technician (no doubt with an attitude) and my job is to follow the dictates of the tape as best as I see it. Therefore, we’re long but, like I said yesterday, … [visit site to read more]

Thursday’s Market Recap: Stocks Rally Strongly Posted: 02 Apr 2009 07:13 PM PDT The markets rallied strongly today with the NASDAQ up 3.29%. Both the Dow (^DJI) and S&P (^GSPC) were up closing at 7978.08 and 834.38 respectively. Price on the 10 year treasury was up and the yield was down, to settle at 2.759%. Oil was up today settling at $52.64, while gold contracts were down settling at $908.90. Dow Chemical (DOW) had a great day, up over 12%, after announcing today that it was going to sell Morton International to Germany’s K+G for $1.68 … [visit site to read more]

The Outcome Of The G20 Summit: A Skeptic’s View Posted: 02 Apr 2009 07:13 PM PDT Did the Summit succeed? This column argues that, except for the promises of more resources for the IMF, the summit did not move the agenda forward. Doing more was probably impossible, but now national governments must do more at home, and very urgently. It would be a tragedy if the Summit outcome encouraged complacency. Jonathan Portes provides us with an articulate and elaborate presentation of the outcome of the G20 summit. This is the best that can be said about it, but is it the … [visit site to read more]

The Bare Essentials Of The G20 Statement Posted: 02 Apr 2009 07:10 PM PDT If one wants to boil down the G-20 statement to its bare essentials, it was an endorsement of aggressive fiscal and monetary policies by governments in response to the crisis. It also called for much more rigorous regulation of financial institutions, not just banks. … [visit site to read more]

Dear Mr. Greenberg: Stop Talking In Public Posted: 02 Apr 2009 07:10 PM PDT In “please stop talking you’re embarrassing yourself” news, Maurice Greenberg is once again beating the drum of “everything was great at AIG when I was there”. Apparently he wants us to pretend that he didn’t create the divisions, policies and strategies that destroyed the company, and put all the blame on his successor. This is not to say that his successors didn’t make any mistakes, but to point out that he seems to be of the opinion that there was nothing inherently wrong with AIG’s … [visit site to read more]

Mixed Economic Signals From The US Posted: 02 Apr 2009 07:00 PM PDT The economic numbers we have been getting recently have been a mix of “awful but not quite as bad as feared” and “just plain awful.” Recently, the market has been paying more attention to the former than the latter. Auto sales came in yesterday at a seasonally adjusted annual rate (SAAR) of 9.86 million, which - while well below the 16 million rate we regularly saw a few years ago - is a nice improvement over the 9.12 million SAAR in February. This morning, factory orders for February … [visit site to read more]

RIMM Beats Earnings Estimates And Soars Posted: 02 Apr 2009 07:00 PM PDT Shares of Research In Motion (RIMM) were up more than 21% after the close on Thursday as the company reported fourth-quarter results that topped consensus estimates. We maintain our buy rating as the company continues to outperform all our benchmark parameters, in particular operating cash generation. The total net cash was $2.24 billion at the close of the company’s fiscal 2009 reporting period. Revenues for Q4 $3.46 billion, up 24.5% from $2.78 billion in the previous quarter … [visit site to read more]

IMF Gold Sales Will Have No Impact On Gold Market Posted: 02 Apr 2009 07:00 PM PDT As part of the G20 Communiqué the leaders called on the IMF to sell gold to support developing countries. While spot gold was considerably weaker on this news, an examination of the statement illustrates the market’s fears are unfounded. From the communiqué: We have committed, consistent with the new income model, that additional resources from agreed sales of IMF gold will be used, together with surplus income, to provide $6 billion additional concessional and flexible finance for … [visit site to read more]

Video: 04/03 Pre Market: Jobs Report Posted: 03 Apr 2009 12:00 AM PDT The stories, data, and stocks that may have the greatest impact during the next trading session. … [visit site to read more]

Video: 04/02 Oil Prices Soar On Dollar Weakness & Stock Market Rise Posted: 02 Apr 2009 06:54 PM PDT Front month crude prices managed to jump nearly 9% this session as a weaker dollar, stock market gains, and beliefs that the US economy may be near bottoming out have each overtaken investor sentiments. … [visit site to read more]

Low Priced Value Stock Ideas: XO Holdings, Asta Funding, And More Posted: 02 Apr 2009 12:32 PM PDT A reader and I briefly discussed an idea over Twitter, one which looked promising by the numbers, but reading the 10-K brought up many questions. It ended up in the pass pile even though the valuation shows that it is trading at 61% to its liquidation price. That company is XO Holdings (XOHO). With net nets, and any other long holding, I prefer an easy to understand business. A business that can make money and produce free cash flow. I feel these two points are important if the company … [visit site to read more]

Video: 04/02 Euro Rises On G20 & ECB Rate Cut Posted: 02 Apr 2009 03:38 PM PDT The euro managed to rise drastically this past trading session as a smallar-than-expected ECB rate cut and ongoing G20 summit weighed in heavily upon the investors. … [visit site to read more]

Video: 04/02 G20 Reaches Agreement Posted: 02 Apr 2009 03:37 PM PDT G20 reaches agreement on stricter regulation and giving the IMF $1trillion to help the poorest countries. … [visit site to read more]

Video: 04/02 Hang Seng Rises By 1,000 Points Posted: 02 Apr 2009 03:14 PM PDT The major Asian/Pacific markets managed to rise this session with Hong Kong’s Hang Seng index leading the way with a gain of more than 1,000 points. … [visit site to read more]

Video: 04/02 Mark To Market Posted: 02 Apr 2009 02:30 PM PDT It’s important for banks to price assets, says trader David Henderson, that is what investros want to see and it could have a big impact on the markets. … [visit site to read more]

Video: 04/02 Rite Aid’s 4Q Losses Widen Posted: 02 Apr 2009 01:55 PM PDT Drug store operator rite aid (RAD) announced today that its 4Q losses managed to widen into the billions. A huge difference from the figures posted during the same time one year earlier. … [visit site to read more]

Thursday S&P +23.36 NAS +45.13 DOW +228.03 CRB +8.48 Gold -24.12 USD -1.012

_____________________________________________________________________

E X T R E M E M A R K E T C O M M E N T A R Y
_____________________________________________________________________

The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
solidly higher and nearer their session highs today. Bulls
today gained some fresh upside near-term technical momentum
and a bullish weekly high close on Friday would be a solid
early clue that major market lows are in place. Traders are
awaiting Friday morning's U.S. jobs report, which is
expected to be another bad one.
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INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

June U.S. T-Bonds closed down 1 11/32 at 129 7/32 today.
Prices closed near the session low again today scored a
bearish "outside day" down on the daily bar chart. The big
gains in the stock market today pressured the bonds. Bulls
faded a bit today. The next downside price objective for
the T-Bond bears is closing prices below solid technical
support at last week's low of 126 24/32.

ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy

ENERGIES: May crude oil closed up $4.15 at $52.54 a
barrel today. Prices closed nearer the session high today
on short covering and fresh speculative buying interest. A
stronger U.S. stock market and optimism in the wake of the
G-20 meeting in London boosted crude today. A sharply lower
U.S. dollar also aided crude today. Bulls have regained
upside near-term technical momentum.

May heating oil closed up 949 points at $1.4407 today.
Prices closed nearer the session high today on short
covering. Bears still have the overall technical advantage.
The bulls' next upside price objective is closing prices
above solid technical resistance at last week's high of
$1.5154.

May (RBOB) unleaded gasoline closed up 923 points at
$1.4640 today. Prices closed nearer the session high today
on short covering. Bears still have the slight near-term
technical advantage. The next upside price objective for
the bulls is closing prices above solid technical
resistance at last week's high of $1.5546.

May natural gas closed up 6.3 cents at $3.758 today. Prices
closed near mid-range today. The bears still have the solid
near-term technical advantage. The next upside price
objective for the bulls is closing prices above solid
technical resistance at $4.25.

CURRENCIES

CURRENCIES: The June Euro currency
closed up 206 points at 1.3440 today. Prices closed nearer
the session high today on short covering and amid a big
rally in the U.S. stock market. Bulls and bears are back on
a level near-term technical playing field.

The June Japanese yen closed down 94 points at 1.0051
today. Prices closed nearer the session low today and hit a
fresh 5.5-month low. The bears still have the near-term
technical advantage and gained more downside momentum
today.

The June Swiss franc closed up 78 points at .8814 today.
Prices closed nearer the session high today on short
covering. Bears still have the slight near-term technical
advantage in the Swissy. The next upside price objective
for the bulls is closing prices above solid resistance at
the March high of .8980.

The June Canadian dollar closed up 108 points at .8056
today. Prices closed nearer the session high today. Short
covering was featured. Bears still have the near-term
technical advantage. Bulls' next upside price objective is
producing a close above solid chart resistance at the March
high of .8209.

The June British pound closed up 249 points at 1.4701
today. Prices closed nearer the session high again today.
The next upside price objective for the bulls is closing
prices above solid technical resistance at the February
high of 1.4950.

The June U.S. dollar index closed down 109 points at 84.87
today. Prices closed nearer the session low today. Bulls
faded today. Bulls' next upside price objective is to close
prices above solid technical resistance at this week's high
of 86.61.

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PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

METALS: June gold futures closed down $22.40 at $905.30
today. Prices closed nearer the session low today and hit a
fresh three-week low. A stronger U.S. stock market and
increased investor risk appetite today sunk the gold
market. Some near-term chart damage was inflicted today.
Bulls still have the slight overall near-term technical
advantage.

May silver futures closed down 3.5 cents at $12.94 an ounce
today. Prices closed nearer the session high. The key
"outside markets" were very bullish for silver today, as
the U.S. dollar was solidly lower and crude oil and
equities prices were sharply higher. Yet, silver could gain
no momentum from the outside markets today.

May N.Y. copper closed up 485 points at 189.75 cents today.
Prices closed nearer the session high and hit a fresh five-
month high today. The key "outside markets" were very
bullish for copper today, as the U.S. dollar was solidly
lower and crude oil and equities prices were sharply
higher. Copper prices are still in a five-week-old uptrend
on the daily bar chart.

FOOD & FIBER http://quotes.ino.com/exchanges/?c=food

SOFTS: May sugar closed up 33 points at 13.06 cents
today. Prices closed nearer the session high today on short
covering and fresh speculative buying. The key "outside
markets" were very bullish for sugar today, as the U.S.
dollar was solidly lower and crude oil and equities prices
were sharply higher. Sugar bears still have the slight
near-term technical advantage.

May coffee closed up 260 points at 117.10 cents today.
Prices closed nearer the session high today on short
covering and fresh speculative buying. The key "outside
markets" were very bullish for coffee today, as the U.S.
dollar was solidly lower and crude oil and equities prices
were sharply higher. Coffee bears still have the slight
near-term technical advantage.

May cocoa closed up $84 at $2,702 today. Prices closed
nearer the session high today and hit a fresh nine-week
high. The key "outside markets" were very bullish for cocoa
today, as the U.S. dollar was solidly lower and crude oil
and equities prices were sharply higher.

May cotton closed down 2 points at 46.13 cents today.
Prices closed nearer the session low again today, but did
hit another fresh six-week high. The key "outside markets"
were very bullish for cotton today, as the U.S. dollar was
solidly lower and crude oil and equities prices were
sharply higher. Bulls have gained fresh upside near-term
technical momentum this week, but need to show fresh power
soon to keep it.

May orange juice closed up 75 points at $.7525. Prices
closed nearer the session high today on short covering. The
FCOJ bears still have the overall near-term technical
advantage. The next downside technical objective for the
FCOJ bears is to produce a close below solid technical
support at last week's low of $.7130.

May lumber futures closed up $4.20 at $179.50 today. Prices
closed near mid-range and did hit another fresh seven-week
high today. Bulls are gaining fresh upside near-term
technical momentum. The next upside technical objective for
the lumber bulls is pushing and closing prices above solid
technical resistance at the February high of $187.50.

GRAINS http://quotes.ino.com/exchanges/?c=grains

GRAINS: May corn futures closed up 5 1/4 cents at $4.01
1/4 today. Prices closed near mid-range today and did hit a
fresh nine-week high today. The key "outside markets" were
very bullish for corn today, as the U.S. dollar was solidly
lower and crude oil and equities prices were sharply
higher. Weekly USDA export sales for corn today were also
bullish.

May soybeans closed up 22 1/2 cents at $9.74 1/2 a bushel
today. Prices closed nearer the session high today and hit
a fresh seven-week high. The key "outside markets" were
very bullish for soybeans today, as the U.S. dollar was
solidly lower and crude oil and equities prices were
sharply higher. Weekly USDA export sales for beans were
also bullish today. Bean bulls this week have gained fresh
upside near-term technical momentum.

May soybean meal closed up $3.10 at $297.40 today. Prices
closed nearer the session low today. Bulls have gained some
near-term technical momentum this week. The next upside
price objective for the bulls is to produce a close above
solid technical resistance at the March high of $308.80.

May bean oil closed up 160 points at 35.10 cents today.
Prices closed near the session high and hit a fresh nine-
week high today. Price action also saw a big and bullish
upside "breakout" from a recent trading range.

May Chicago SRW wheat closed up 25 cents at $5.50 1/2
today. Prices closed near the session high today and hit a
fresh two-week high. Short covering and fresh speculative
buying were featured today. The key "outside markets" were
very bullish for wheat today, as the U.S. dollar was
solidly lower and crude oil and equities prices were
sharply higher. A bullish weekly high close on Friday would
provide the wheat bulls with fresh upside near-term
technical momentum.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

LIVESTOCK: June live cattle closed up $1.62 at $83.00
today. Prices gapped higher on the daily bar chart, hit a
fresh five-week high and then did back off the high to
close near mid-range. The key "outside markets" were very
bullish for cattle today, as the U.S. dollar was solidly
lower and crude oil and equities prices were sharply
higher. The cattle bears still have the solid near-term
technical advantage.

May feeder cattle closed up $1.70 at $95.65 today. Prices
closed nearer the session high today on short covering.
Bears still have the overall near-term technical advantage.
The next upside price objective for the feeder bulls is to
push prices above solid technical resistance at $98.00.

June lean hogs closed up $0.65 at $72.10 today. Prices
closed nearer the session high today. The key "outside
markets" were very bullish for hogs today, as the U.S.
dollar was solidly lower and crude oil and equities prices
were sharply higher. Yet, hogs could only manage tepid
gains, and that shows the bearish nature of the hog market
fundamentals at present.

May pork bellies closed up $0.80 at $87.80 today. Prices
closed near the session high. Bulls have gained some upside
near-term technical momentum. The next upside price
objective for the bulls is pushing and closing prices above
solid technical resistance at $90.00.

____________________________________________________________________________

E X T R E M E F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/

WINNERS

CL.K09 CRUDE OIL May 2009 52.64 4.25 +8.85
RB.K09 RBOB GASOLINE May 2009 1.4698 0.0981 +7.17
HO.K09 HEATING OIL May 2009 1.4391 0.0933 +6.93
EMX MSCI EMERGING MARKETS INDEX 615.00 34.24 +5.90
GI.J09 S&P GSCI COMMODITY INDEX Apr 2009 373.8 20.6 +5.83
NK.M09 NIKKEI 225 INDEX Jun 2009 9035 420 +4.88
BO.K09 SOYBEAN OIL May 2009 35.10 1.60 +4.77
W.K09 WHEAT May 2009 550.0 24.5 +4.67
YW.K09 WHEAT (MINI) May 2009 550.0 24.5 +4.66
MD.M09 S&P MIDCAP 400 INDEX Jun 2009 513.0 20.4 +4.14

LOSERS

BCX.H10 CBOT SOYBEAN CRUSH INDEX Mar 2010 62.00 -2.25 -3.50
GC.J09 GOLD Apr 2009 907.4 -18.7 -2.02
DA.M09 MILK CLASS III Jun 2009 12.24 -0.24 -1.93
RB.Y$$ CHEESE-BARRELS (SPOT) Cash 1275 -15 -1.16
US.M09 T-BOND Jun 2009 129.156250 -1.421875 -1.09
C.K10 CORN May 2010 441.75 -4.50 -1.00
KB.Y$$ CHEESE-BLOCKS (SPOT) Cash 1280 -10 -0.78
TY.M09 10 YEAR T-NOTE Jun 2009 123.375000 -0.906250 -0.73
JY.Y$$ JAPANESE YEN Cash 0.010065 -0.000072 -0.71
LH.J09 LEAN HOGS Apr 2009 59.75 -0.40 -0.67

Complimentary Options Trade Recommendations And Crash Course

Includes:
-10 monthly options trade recommendations
-Complete access to Online Crash Course in Options Trading
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http://www.ino.com/specials/153C41/schaeffers/optionsadvisor2008.html
____________________________________________________________________________

E X T R E M E S T O C K S
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Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

NAUN NATIONAL UNDERWRITER 12.26 3.30 +36.83
RCRC RC 2 CORP 7.05 1.64 +30.31
FIATY FIAT SPA ADS 9.19 2.04 +28.53
HNDAF HONDA MOTOR CO LTD 28.600 5.450 +23.54
ATLS ATLAS AMERICA INC 10.81 2.00 +22.70
AWI ARMSTRONG WORLD IND INC 13.54 2.44 +22.07
FRPT FORCE PROTECTION INC 5.93 1.06 +21.97
CTV COMMSCOPE INC 14.53 2.63 +21.93
WYN WYNDHAM WORLDWIDE CORP 5.75 1.00 +21.26
WYNN WYNN RESORTS LTD 25.9450 4.3950 +20.42

LOSERS

NSEC NATIONAL SECURITY GROUP 8.19 -2.66 -24.52
CSB COLONIAL 8.875% PR 6.662 -1.488 -18.26
HOD HORIZONS BETAPRO NYMEX CL BEAR 19.71 -3.97 -16.68
LNC.PR.G LINCOLN NATIONAL 6.75 CAP 66 10.49 -2.00 -16.01
HGU HORIZONS BETAPRO GLOBAL GOLD BULL 13.37 -2.20 -14.13
AMLN AMYLIN PHARMACEUTICALS 10.435 -1.615 -13.44
MANH MANHATTAN ASSOCIATES INC 15.19 -2.22 -12.75
K.WS.C KINROSS GOLD CORP 5.45 -0.76 -12.24
HZNSF HORIZONS BETRAPRO 10.8620 -1.4001 -11.42
NAV NAVISTAR INTL CORP 30.00 -3.83 -11.32