Bonds and notes moved higher into what could be a weekend packed with event risk. Ratings agencies have already marked down Greece's debt to junk status and have downgraded that of Spain and Portugal. Some are waiting for an Italian debt downgrade. As a result, the relatively risk averse investment community is flocking to "quality" in the U.S. fixed income markets.

There was a substantial amount of economic data released Friday morning, most of which was bearish Treasuries (despite market action). The advanced GDP reading was reported at 3.2%. This was slightly below most forecasts but an overall positive figure. Chicago PMI didn't offer any surprises at a reading of 59.5, and the Michigan Sentiment index was 72.2.

From a technical standpoint, the complex is a bit overbought and seasonal tendencies suggest lower. That said, we are concerned that the looming event risk will lead to a short squeeze. In such a scenario, the June bond could temporarily spike (filling gaps along the way) to prices has high as 121ish. If seen, this would likely be a great opportunity for the bears.

Going into Monday, the June 30-year bond is facing resistance near 119, then again at 120. The note could struggle near 118'01 and then again at 119'04. We are looking very cautiously lower.

* Due to time constraints and our fiduciary duty to put clients first, the charts provided in this newsletter may not reflect the current session data. However, market analysis and commentary does. Charts provided by Track 'n Trade, Gecko software.

**Seasonality is already be factored into current prices, any references to such does not indicate future market action.

Treasury Bond and Note Option Trading Recommendations

**There is unlimited risk in naked option selling.

April 22 - Our clients were advised to sell the July bond 121 calls for 22 or better, and were filled this morning on the rally.

Treasury Bond and Note Futures Trading Recommendations

**There is unlimited risk in trading futures.

Flat


Carley Garner
Senior Analyst / Commodity Broker
DeCarley Trading
cgarner@DeCarleyTrading.com
1-866-790-TRADE
Local : 702-947-0701

http://www.DeCarleyTrading.com
http://www.ATradersFirstBookonCommodities.com

*Due to the volatile nature of the futures markets some information and charts in this report may not be timely.

There is substantial risk of loss in trading futures and options.

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

Once again this week the European Union's debt crisis paved the path for the precious metals. This week Standard & Poor's downgraded Greece's Credit rating to "junk bond " status as well as lowering Spain and Portugal's credit ratings. This continues to drive investors into the precious metals especially Gold as a safer haven. Gold has become the currency of choice during this time of crisis in the European Union.

The Greek government will be meeting with the IMF, the European central Bank, and the European Commission in efforts to get Greece's bail-out package approved. But Greece will need to show they are willing to take more stringent measures to get their debt reduced.

Germany has been reluctant to come to the aid of Greece stating "Greece must commit to further savings measures and show it can return to a sustainable economic path before Germany can approve emergency aid" said German Chancellor Angela Markel.

German Finance Minister Wolfgang Schaeuble attempted to put a positive spin on Greece's fiscal needs by stating "The goal of the German government is ... if the meetings in Athens with the Greek government, the IMF, the European Central Bank, and the European Union Commission succeed... to come to a decision as quickly as possible" he also stated "The stability of the EURO is the question, the last resort
question. We're seeking backing in the parliamentary groups for a speedy process, by Friday. And then we'll pass a corresponding law next Monday"....

The FOMC met for a two day session this week and as expected left interest rates unchanged.

Jobless Claims fell 11.000 down to 448.000...

The demand from the jewelers of India has been sluggish of late due to higher prices however, the European's have been big buyers of gold as a move to tangible hard assets.

The latest.....Moody's downgraded 9 Greek Banks.....Spain's unemployment is above 20%....

Silver has benefited from Gold's demand as of this post is trading $18.70 per ounce....

Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-775-3014
312-563-8029

*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and FOREX*

There may be a number of reasons why but the bottom line is volatility in the commodity markets is here to stay. June Crude oil is back above the 20 day MA having gained $4 on its way to $87 in our opinion. RBOB and heating oil are on the verge or breaking out to new highs; we suggest taking profits on up days because IF we get a correction the distillates are more of a challenge to trade out of. Natural gas was lower by nearly 8% today on a bearish inventory report; on a new low take a loss on long futures. Clients just missed their entry order on their September 50 cent call spreads today, they will try again tomorrow.

Indices are back above the 20 day moving average; continue to use that level as the pivot point. Fresh short entries should have taken a small loss being we settled above 1200 in the S&P. Sugar looks to be making a bottom and after 11 straight down weeks it is about time. Clients will be approaching October from the long side next week if we see more positive action tomorrow. Make sure you put in profit orders on your coffee as this market can be quite volatile; we're anticipating a trade of 5 plus cents to the upside. Clients 30-yr bond puts got hit a little today. We suggested holding as we still see a trade closer to 116′00 in the June contract next week. More buying from China helped corn in early dealings but we did taper off by days end closing only 1.4% higher. July outright calls are picking up as well as December futures but some of our clients still need to lift their short July hedges. We suggest on a setback to do so even if it is at a small loss and expect to make that up on your December longs.

We continue to feel KCBOT ad CBOT wheat are a sale above $5. Lean hogs were lower again today but we think more sellers will appear on a breach of the 20 day MA; in June at 83.45. Clients hold a small long in gold options expecting $1200 in the coming weeks. Silver was higher by 2% today recouping the losses from the prior three sessions closing at $18.50 today. Clients have very minimal long exposure in futures. We will be looking to buy dips but may need to raise our buy objective...stay tuned. Copper has failed to break the 10 day MA the last two sessions, when it does look for 10 cents quickly. Clients were able to but the same June Pound put options liquidated yesterday at a profit back on close to their original entry price. We are looking for prices to fall off again into next week.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

DATA RELEASES 04/30/10
8:30 AM US 1ST Q GDP 3.4%
8:30 AM EMPLOYMENT COST INDEX (0.4)
9:45 AM CHICAGO PMI (60.0)
9:55 AM US CONSUMER SENTIMENT (71.0)

DATA RESULTS 04/29/10
• US jobless claims 448 K/447 K
• US 7 Year Note Auction Bid/cover 2.82. Yield Awarded 3.21 %

US DEBT REVIEW AND OUTLOOK

US Treasuries rebound in a seesaw pattern as a "Buy American" sentiment swept over stocks and fixed income after much of the week's uncertainty regarding sovereign debt appeared to settle down. Treasuries took their data cues from a well received US 7 year note auction as bidders sought out higher yields across the entire curve, supported by the FOMC's continued support of the current low interest rate environment for "an extended period". Friday's focus will likely be on 1st quarter US GDP figures which are expected to show growth ranging in the 3.5% range. If the reading is closer to 3.9% or more, recent gains in Treasuries may fade while ramping up volatility, especially in the AM session of US trading.

TECHNICALLY SPEAKING - The recent gains in Treasuries may be running out of steam as a series of lower highs appears to be forming. If resistance at 118-14 is able to hold, June 30 years could be setting up to pullback to 117-03. Upside momentum should find a hard time piercing 119-02.

US EQUITIES REVIEW AND OUTLOOK

Stocks rallied on strong earnings from the energy and consumer products sector, while a lack of fresh bad news allowed for some of the global concerns regarding the euro zone's sovereign debt to subside. In addition, there was some upbeat information regarding employment from Germany as well as a lower than expected reading on 1st time unemployment claims in the US. These elements contributed to a revitalization of global risk tolerance as most of the major equity indices in Europe and the US posted strong gains.

Financial stocks were among the leading gainers as the initial concern regarding the SEC probe of Goldman Sachs CDO market making and trading practice subsidies. Energy stocks posted strong gains as Exxon reported strong earnings. Two notable exceptions to this upside trend were BP (British Petroleum) and Transocean (RIG) as they both are responsible for the oil platform in the Gulf of Mexico that exploded, causing the largest threat to American coastal region on environment in nearly 20 years. The sector also benefited from a weaker US dollar and new fund buying in the crude complex as the markets continue to expect world demand to grow.
Tech stocks gained, led by Apple as bargain hunters returned to seek value.

TECHNICALLY SPEAKING - June S&P futures may try to retest support at 1194.50, with a break of this level setting up a move back to 1186.50. If the current range is able to hold, the market may try for an upside test of 1219.00. Upside may be limited as the market looks towards next week's employment data as the next major fundamental catalyst.

COMMODITY HIGHLIGHTS

Majority of commodities down heavily as US dollar rallies, risk tolerance fades. Copper drops to lowest levels in a month. Wheat buck trend, posts small gain on short covering rally from oversold condition.

Prepared by Rich Roscelli & Paul Brittain.
Please voice your market opinions, thoughts and questions by email to: rich@binvstgrp.com

Additional Information can be found at WWW.WHITEHALLVEGAS.COM

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Whitehall Investment Management, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

Another FOMC meeting has passed with no change in rates or verbiage. The lack of inflation comments are comical as gold will most likely flirt with $1200/ounce and oil is approaching $90/barrel. As a trader one cannot fight the Fed but they are just kicking the can down the road in my opinion by keeping rates this low this long. They want to see signs of employment improving, the real rate of unemployment is closer to 20% yet the NFP # says under 10% so go figure.

Now for the markets: Solid showing in oil on a bearish inventory report. Unless $82 gives way in the next few sessions we should bounce from here to near $87 in June. June natural gas is probing $4.43; an upside breakout just around the corner? Stocks were slightly higher, the 20 day MA should serve as the pivot point. Aggressive traders could sell rallies but institute stops! We expect a set back to drag prices in the S&P back near 1150 but we would suggest cutting losses on a settlement above 1200. July sugar is below 15 cents for the first time in 10 months; wait for a bottom before buying. Coffee grinded higher by 2.25% today. We're expecting another 5 cents in the futures and then would be looking to book profits on longs for clients.

We were not brave enough to move on futures but some clients did buy June 30-yr bond puts expecting a trade closer to 116′00 by the end of next week. Corn was higher by nearly 3% on rumors of more buying from China. We will be looking to offset the July short hedges for clients on a setback. We are still suggesting buying July calls and long December futures anticipating $4.50/bushel. Aggressive traders could sell rallies in KCBOT or CBOT wheat with stops above the recent highs. The 20 day MA seems to be supportive in June live cattle; clients may enter longs tomorrow with stops below that level on a closing basis...stay tuned.

We have positioned clients to take advantage of what we view as a 3-5% drop coming in lean hogs filing the gap from late March. Clients were reluctant buyers of gold on today's breakout; they bought August $1200/1275 call spreads expecting this leg to lift prices back over $1200/ounce. Nothing done on silver as of yet as we are perplexed on the divergence between the two metals. Our targets were hit on the British pound today and clients were advised to book profits of 30%.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

July corn futures at the Chicago Board of Trade on Tuesday dropped to a fresh seven-month low of $3.51 1/2 a bushel as the bears gained some fresh downside near-term technical momentum. Prices are closing in on longer-term technical support at $3.50 a bushel. Multiple closes below the key $3.50 level would produce more serious technical damage and would also open the door to the next major downside price objective for the bears: pushing and closing July futures prices below the contract low of $3.33 3/4, scored in September of 2009.

July corn futures remain in a four-month-old downtrend on the daily bar chart. It would take a close above solid technical resistance at the April high of $3.74 3/4 to jump-start the bulls and to suggest that the downtrend in corn prices has run its course. One positive element for the corn market bulls is the study of "seasonality" price patterns in corn futures, which do suggest prices will trend higher from the present timeframe into the August timeframe. Stay tuned! Jim Wyckoff

DATA RELEASES 04/28/10

10:30 AM EIA PETROLEUM INVENTORIES CRUDE
1:00 PM US 5 YEAR NOTE AUCTION
2:15 PM FOMC MEETING ANNOUNCEMENT

DATA RESULTS 04/27/10

• US CONSUMER CONFIDENCE(57.9/ 53.5)
• US 2 YEAR NOTE AUCTION (BID/COVER 3.03 ON $44 B, YIELD AWARDED 1.024%)

US DEBT REVIEW AND OUTLOOK

US Treasuries jumped to the highest levels of 2010 on a flight to presumably safer securities after S&P downgraded the sovereign debt of Greece to Junk status while Portugal's debt was relegated to a lower investment grade. Global concern reached a new level regarding these countries being the precursors to a renewed global credit crisis, with sovereign debt being the primary focus this time as countries extend liabilities on their balance sheets beyond a perceived level of recovery through economic growth and tax revenue.

The across the board rise in the Treasury complex failed to offer significant support for Tuesday's $44 billion US 2 year note auction. Bid to Cover was average at 3.05 with the yield awarded being slightly higher than expected. The lack of demand for even short term debt may offer a forecast into the future where the elements of sovereign debt come into question on a global scale, with actual accounting procedures being the primary focus of valuations. This could lead to a significant uptick in volatility for Treasuries as a war on liquidity may be declared, with corporate debt as well as the debt of those countries that avoided over exposure being the new leaders in investor confidence.

TECHNICALLY SPEAKING- Tuesday's upside breakout appears fundamentally driven, allowing for a strong push through resistance at 118-12. Continued upside could result in a test of the 119-00 level. A profit taking retracement may result in a pullback to 117-24.

US EQUITIES REVIEW AND OUTLOOK

Stocks across the world staged a massive retreat on Tuesday as global risk tolerance took a step back in the wake of a new chapter unfolding with regards to sovereign debt risk and the fate of market participation for financial institutions as Goldman Sachs comes under scrutiny on Capital Hill as the Senate committee seeks to determine if the financial institution acted in an improper manner regarding its role as a market maker and short seller of mortgage backed securities.

The fall of securities was broad based as commodities fell on a strengthening US dollar and waves of profit taking hit the markets as the uncertainty regarding the outcome of the Goldman Sachs investigation and its potential aftermath on financial reform and the ability of financial institutions to compete and generate revenue. The notion of "Sell in May & go away" may have come a bit earlier in the season.

TECHNICALLY SPEAKING, June S&P futures broke through support at 1182.50. Chart formation suggests that the market may be setting up for a test of support level at 1168.10. A break of this level could result in continued downside momentum to test 1157.50. Resistance sets up at 1194.50.

COMMODITY HIGHLIGHTS

Majority of commodities down heavily as US dollar rallies, risk tolerance fades. Copper drops to lowest levels in a month. Wheat buck trend, posts small gain on short covering rally from oversold condition.

Prepared by Rich Roscelli & Paul Brittain.
Please voice your market opinions, thoughts and questions by email to: rich@binvstgrp.com

Additional Information can be found at WWW.WHITEHALLVEGAS.COM

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Whitehall Investment Management, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

Gold Settled $8.20 Higher Today... ($1162.20)

Today's gold market traded adversely to its normal indicators. Despite a very strong U.S Dollar, lower energy prices, and a weaker silver market the gold rallied to close $8.20 higher. This rarity can be directly linked to the continued debt crisis occurring in the European Union. Just when we thought there might be light at the end of the tunnel their debt crisis worsened as Greece along with Portugal had their credit rating downgraded. Standard & Poor's cut Greece's credit rating to "junk bond" status stating " Our updated assumptions about Greece's economic and fiscal prospects lead us to conclude that the sovereign's creditworthiness is no longer compatible with an investment grade rating". Before Greece can receive activation of the 45 billion Euro aid package it needs to satisfy Germany's concerns. Since Germany will be contributing the lion's share it is certainly not unreasonable for them to request more stringent debt cutting measures from Greece.

European Union debt crisis part 2:

European Union's poorest country Portugal had its credit rating cut from A+ to A- as Standard & poor's stated " The outlook was negative". Investors have ranked Portugal debt status as the eighth "riskiest' in the world... Despite a plea from Portugal's Prime Minister Jose Socrates' to investors "his country will avoid Greece's fate" the reality is
Portugal's economy is dependent on tourism and its annual economy has only been increasing less than 1 percent . This makes attracting investors rather difficult....

The Europeans have been and continue to be buyers of Gold as a flight to safer havens. The investor mentality appears to be to disregard the volatility of the world's fiat currencies and move to precious metals in times of crisis. There certainly is no perfect hedge, however gold usually retains value better than most commodities.


Goldman Sach's has been in front of a senate Hearing all day. The industry giant is trying to defend its action and reputation regarding fraud charges filed against them by the Securities and Exchange Commission. Investors globally will be eyeing the proceedings as many are frustrated with the Wall St. drama.

CONSUMER CONFIDENCE among U.S Consumers reached Its highest level since September 2008.....

REPORTS : 4/28 Wednesday....** FOMC MEETING ** (day 2)

SWING NUMBERS 4/28 JUNE GOLD

RESISTANCE # 2................$1177.00
RESISTANCE # 1................$1169.00
PIVOT.................................$1158.00
SUPPORT # 1....................$1151.00
SUPPORT # 2....................$1140.00

Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-775-3014
312-563-8029

*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, AND FOREX*

Does any one really believe Goldman Sachs does not move the markets?

Oil is approaching the same level it bounced from twice in the last week, will this hold true again? The action is too dicey for us to issue trade recommendations as we are seeing $2-3 swings on a daily basis. We like being having exposure to the upside but with the Goldman turmoil and FOMC on the horizon it may be prudent to wait 24-48 hours. If at a profit in the distillates move to the sidelines. Inside day in natural gas as a decision should be made in the next 2 sessions on where from here. We favor long exposure but in case we are wrong make sure stops are in place on long futures. As for options we are suggesting call spreads in July-September. Contact us for more specifics.

Indices are off 2% or thereabouts and the settlement below the 20 day MA's we hinted at yesterday could come very soon; pay attention to the next few days settlements. That level in the S&P is at 1191, the Dow at 10980, and the NASDAQ at 2001. We advised clients to take their July OJ off today at about even today. On a setback we would look to re-position longs. Clients that did not move on coffee yesterday got a slightly better price on their September call spreads today as prices were off 1.35% today. We are still anticipating a bounce in the coming weeks.

Treasuries were higher today trading thru last weeks highs; stops should have been triggered and you should have been taken out of your shorts at a small loss depending on your fill. We like the idea of selling rallies but we advise to wait for tomorrows FOMC decision and more importantly verbiage. Leave your spreads on in corn until you think July has bottomed and then exit your July shorts and stay in the December longs. This spread lost $88 today. Hopefully followers listed to our advice and exited their soybeans and soybean meal; soybeans lost 1.60% today and soy meal 2.50%.

We had to pay a bit more on the August lean hog spreads today; clients paid$460/per today. We have a target of $800 plus. Talk about divergence gold was up by 1.40% and silver down by .90%. I do not trust the move but a settlement above $1172 could be a breakout so clients may reluctantly get long with tight stops...stay tuned.

If July silver trades below the 20 day MA at $18.08 we should get the break we've been looking for. Copper was lower by nearly 18 cents or 5%...that's right! The Loonie and Pound were big losers today, our targets are getting close in the Pound and were hit in the Loonie. See yesterday's post. If the trend line gives way at .9800 in the Loonie we could get another 1-1.50 cents.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

As is often the case, it appears as though traders spent the day squaring positions ahead of the FOMC meeting. The Fed will meet tomorrow but we won't hear the results of the interest rate decision until Wednesday afternoon.

Most analysts aren't expecting the Fed to take any action to change monetary policy but there is some speculation of rate hikes later in the year, so traders will pay close attention to the commentary.

This week's auctions began today with a 5-year TIPS offering, but the real news will come in the next few sessions with the issuance of $44 billion in 2-year notes, $42 billion in 5-year notes and $32 billion in 7-years. The TIPS went off with ok demand from domestic investors but low demand from overseas investors; this put the market back on the defensive. The Treasury complex noticeably weakened following the auction.

We continue to see support in the 30-year bond near 116 but the 10-year note reached our downside target in overnight trade (within a few ticks anyway). This leaves our charts, and our opinion, a bit mixed. We are taking a relatively neutral stance in the near-term as direction will be highly dependent on the FOMC, stocks and auctions...and this could be a difficult week to predict price.

Don't forget to register for our upcoming webinar with SFO Magazine!! See our website (below) for details.

* Due to time constraints and our fiduciary duty to put clients first, the charts provided in this newsletter may not reflect the current session data. However, market analysis and commentary does. Charts provided by Track 'n Trade, Gecko software.

**Seasonality is already be factored into current prices, any references to such does not indicate future market action.

Treasury Bond and Note Option Trading Recommendations

**There is unlimited risk in naked option selling.

April 22 - Our clients were advised to sell the July bond 121 calls for 22 or better, and were filled this morning on the rally.

Treasury Bond and Note Futures Trading Recommendations

**There is unlimited risk in trading futures.

Flat

Carley Garner
Senior Analyst / Commodity Broker
DeCarley Trading
cgarner@DeCarleyTrading.com
1-866-790-TRADE
Local : 702-947-0701

http://www.DeCarleyTrading.com
http://www.ATradersFirstBookonCommodities.com

*Due to the volatile nature of the futures markets some information and charts in this report may not be timely.

There is substantial risk of loss in trading futures and options.

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

After 8 days of rest and relaxation we are back at it trying to figure out the best risk/reward scenarios in the commodities market. It is vital in our opinion to evaluate both before establishing positions as many commodity traders just look at the reward side of the equation.

After approaching $86 in early dealings Crude was off for the first time in three sessions losing just over $1. For aggressive traders we are advising buying dips as long as the $83 level holds in June futures. On a spike higher in RBOB and heating oil in the coming sessions we would advise exiting longs or at least halving your position. We had hoped for more follow thru in natural gas today after the strong close to end out last week. Prices remain at the upper end of the recent trading range but as we continue positioning our clients to take advantage of higher ground. We suggest long futures trailing stops in June and will start pricing out July-September options.

New highs were rejected in indices across the board. This is likely due to profit taking ahead of the 2 day FOMC meeting. As we posted in our weekly commentary this morning we would need to see settlements below the 20 day MA's to feel confident an interim top has formed. Inside day in sugar; it may be premature to re-establish plays in sugar until a bottom is confirmed. We are pricing out spreads on futures but have yet to commit any client capital...stay tuned. July OJ was unchanged on today's session; on a trade above $1.40 our objective for clients should be reached at a 15-20% profit on their July options. We started initiating longs for clients in coffee today; they bought September 15 cent call spreads to play a bounce in the coming weeks. Though clients have no exposure aggressive traders could continue to sell rallies in the Treasury complex (10-yr notes/30-yr bonds) with stops above the recent highs.

On a breach of the 20 day MA in Euro-dollars look for more selling pressure. Clients were advised to lift their May short corn hedges today as the LTD is April 30. Those still seeking protection we advised to place sell stops below the recent lows in July against their December longs. Clients were advised to take any longs off in soybeans and soybean meal as prices are starting to look toppy. We are suggesting selling rallies in wheat but would prefer to be a seller of KCBOT or CBOT closer to $5 on the July contract...stay tuned.

Cancel any orders to short cattle at the moment as prices may grind higher, we should have some trading suggestions in the coming days. We've yet to make a move for clients but we may buy the 84/80 put spread in June lean hogs the next few days if they can pay $400. Uneventful day in metals with gold slightly lower and silver slightly higher. Clients have NO exposure long or short gold/silver currently. We expect to see a correction of 75 cent s-$1 in silver and $40-60 before we have an interest in longs. Clients continue to sell rallies in the Cable and Loonie expecting breaks lower. We would not recommend trading without stops to limit losses, if prices turn south our objectives are 1.5200 and .9825 in the June contracts.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

OilPrice.com Oil Market Summary for 04/19/2010 to 04/23/2010

After languishing most of the week, crude oil prices galloped to the finish line on Friday, tacking on 1.7% and recouping most of last week's losses as positive new-housing sale data spurred most markets forward.

The decision by the Greek government on Friday to activate a bailout plan from the European Union and the International Monetary Fund eased pressure on the euro, contributing to oil price gains as the dollar slipped against the joint European currency.

The benchmark West Texas Intermediate contract gained $1.42 Friday to end the week at $85.12 a barrel, compared with the benchmark's finish of $83.24 in the previous week.

An unexpectedly strong gain of 27% in U.S. new housing sales in March - the strongest monthly gain in nearly five years - galvanized a market looking for any sign of a pickup in U.S. demand for oil. Stock markets also advanced on the news, led by energy stocks.

The week started with oil prices taking a hit in the wake of Iceland's volcano grounding most northern European flights and then bounced back on Tuesday as authorities began to ease flight restrictions. Some analysts also cited lingering concern about U.S. fraud charges against Goldman Sachs for Monday's decline, after the announcement of the civil suit last Friday pushed most markets down.

The weekly U.S. inventory report on Wednesday was bearish for oil prices, showing high stockpiles of crude in the Midwest, where influx of new Canadian oil and a temporary slump in demand due to refinery maintenance led to a build-up in stocks.

For much of the week, the exchange rate between the euro and the dollar tended to drive oil prices amid mixed economic data. The euro trended lower through Thursday with the uncertainty about Greece maintaining pressure on it. The formal announcement on Friday that Greece would in fact seek the funds removed some of that uncertainty.

The IMF said in its World Economic Outlook that relatively strong economic growth would keep upward pressure on most commodities prices. However, the multilateral lending agency cautioned that in the case of oil, OPEC could increase its production if it wanted to keep oil prices in the $70 to $80 trading range.

Source: http://www.oilprice.com/article-us-housing-data-spurs-late-gains-in-oil-prices-after-mixed-week-304.html

By. Darrell Delamaide for Oilprice.com who focus on Geopolitical analysis, Energy markets, Crude oil, Alternative Energy and Finance. They also have a Free Investment intelligence newsletter that informs investors of the most breaking events taking place around the world. Visit www.oilprice.com

The day's economic news wasn't plentiful but it packed a punch. The better than expected figures on the health of the economy put pressure on Treasuries early in the day and the complex was unable to recover.

Headline durable goods orders were in with expectations at a negative 1.3% but it was the ex-auto number of 2.8% that impressed the markets. Coming into the day the consensus estimate for durable goods ex-auto was .7%. Even more impressive, new home sales were reported to be 411,000, above and beyond expectations of 330,000. That said, the spike in home purchases is likely the effect of "pull forward" sales compliments of the government tax credit. If this is the case, the numbers could look equally as bad once the subsidy expires.

Greece continues to garner headlines but the markets appear to be growing immune. Stocks were able to post gains in spite of what are said to be positive developments in Euroland and Treasuries lost the skip in their step.

We are looking forward to next week's auctions. Another round of supply could keep a cap on the rally, yet overly strong demand might have the opposite effect.

Our expectations for a countertrend Friday became a reality and this leaves the market vulnerable to continued selling into the 116'06 price range. We are beginning to lose our bearish bias and return to neutral territory. After all, we have the Fed next week and potential volatility in stocks could overflow into fixed-income.

If you are following our short call recommendation, we will likely look for a place to exit (profitably) early next week. Stay tuned....(if you are interested in learning more about option selling, give us a call or send us an email).

Don't forget to register for our upcoming webinar with SFO Magazine!! See our website (below) for details.

* Due to time constraints and our fiduciary duty to put clients first, the charts provided in this newsletter may not reflect the current session data. However, market analysis and commentary does. Charts provided by Track 'n Trade, Gecko software.

**Seasonality is already be factored into current prices, any references to such does not indicate future market action.

Treasury Bond and Note Option Trading Recommendations

**There is unlimited risk in naked option selling.

April 22 - Our clients were advised to sell the July bond 121 calls for 22 or better, and were filled this morning on the rally.

Treasury Bond and Note Futures Trading Recommendations

**There is unlimited risk in trading futures.

Flat


Carley Garner
Senior Analyst / Commodity Broker
DeCarley Trading
cgarner@DeCarleyTrading.com
1-866-790-TRADE
Local : 702-947-0701

http://www.DeCarleyTrading.com
http://www.ATradersFirstBookonCommodities.com

*Due to the volatile nature of the futures markets some information and charts in this report may not be timely.

There is substantial risk of loss in trading futures and options.

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

This week in the precious metals continues to provide evidence that savvy investors are
choosing hard assets as an alternative to fiat currencies. As Greece's debt crisis negotiations continues to keep the Euro Dollar under siege it has become apparent that the true fiscal crisis is much worse than originally thought. The Greek bonds rallied to a yield of 8.24% which definitely explains why they are having difficulties finding buyers for their debt. The Greece debt situation has put a huge strain on the Euro states as well as the global economy and considering there are several other Euro states in need of debt relief this scenario could be a daily market indicator for quite some time. The problem is the constant contradictions being released from the European union. This has chased investors out of the Euro drama and into "safer havens primarily precious metals.

Goldman Sachs will get their chance to defend themselves In front of a Senate hearing next week. Last Friday the Securities and Exchange Commission filed charges against banker Fabrice Tourre and Goldman Sachs accusing them of fraudulent mortgage procedures. The following Monday we learned the SEC voted 3 to 2 to file charges
against the industry giant....(it was not unanimous). Many investors saw the split vote as vote of confidence for the already embroiled Wall Street constitutes. This has been a rough patch for Wall Street as of late.

The Central Bank of India raised their key interest rates ¼ of a point while also raising cash reserves from 5.75% to 6.00%. This is due to their strong economic growth and rising inflation. Expectations are the Peoples Bank of China will also raise their rates in order to slow down their GDP and curb rising inflation.

All of the above paragraphs are U.S Dollar friendly and considering the severity of all of them it is totally amazing that the precious metals are still trading above the $1100.00 level. The Gold and silver are being supported by enormous purchasing of physical Gold and Silver. We have learned that the European union has increased its reserves as well as the insatiable demand from India and China. The jewelers of India have been extremely aggressive on every price dip restocking for the wedding season and festival season demand. The citizens of China are equally insatiable as they have been educated to protect their new found wealth by investing in hard assets such as Gold, Silver, and Diamonds. The Chinese have become the world's second largest consumer of Diamonds second only to the United States.

Jobless Claims declined 24,000 to 456,000 . Economists were looking for a decrease of 30,000... However this is still great news!

Despite the U.S Dollar strength the precious metals are showing unbelievable resiliency especially silver which has been outperforming Gold by using its dual status as both a precious metal and an industrial metal to do so.

Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-563-8029
312-775-3014

*THERE IS EXTREME RISK TRADING FUTURES, OPTION, and FOREX*

DATA RELEASES 04/22/10
8:30 AM US PPI (0.4%, EX # 0.1%)
8:30 AM US JOBLESS CLAIMS (460 K)
10:00 AM US EXISTING HOME SALES (5.25 M), FHFA HOUSE PRICE INDEX
10:30 AM EIA INVENTORY NUMBERS
11:00 AM US 5 YR TIPS, 2YR, 5YR, 7 YR
EARNINGS PEPSICO, PHILIP MORRIS,QUALCOMM ,CREDIT SUISSE, AMGEN

DATA RESULTS 04/21/10
EIA INVENTORY NUMBERS (CL/1.9M VS.-2.2M, RBOB 3.6M, DISTIL 2.1M, CAP UTIL 85.9)

EARNINGS
WELLS FARGO (0.45 EPS), MCDONALDS $1.00 EPS), BOEING (0.70 EPS), MORGAN STANLEY (0.99 EPS), ALTRIA (0.39 EPS)

US DEBT REVIEW AND OUTLOOK

US Treasuries rallied as market participants sold out of riskier sovereign debt as the latest developments in the Greek fiscal crisis drama prompted participants to sell riskier sovereign debt and undertake a flight to quality as the yield spread between Greek and German debt widened to a near record level. Speculation that the fiscal nightmare of Greece may spread like the coverage of one's old history textbook (Greece, Italy, Portugal, Spain, England) hung over the relatively strong earnings release, including McDonalds and Apple. The apparent inevitability of global rate hikes may also be ramping up the uncertainty factor with regards to the sustainability of global recovery.

US Bond market participants seem to be taking a mixed view toward Thursday's Treasury auction announcements for next week. The US 2, 5, 5 year TIPS and 7 year notes auctions are expected to set a record weekly supply level near $130 billion, however this is being by many participants as the peak of supply as revenues from other sources and the perceived improvement in the economy offer positive contributions to the Federal balance sheet.

TECHNICALLY SPEAKING- US 30 Year futures have filled in the gap from its nearly 2 handle drop in late March. A breakout to the upside may occur if the market breaks 117-30. A close above this level could lead to a test of 118-12. The recent rally may falter without further fundamental support. Profit taking from long positions could lead to a pullback to 116-19. Downside target for the contract sets up at 115-19.

US EQUITIES REVIEW AND OUTLOOK

US stocks lost some ground on Wednesday as levels of uncertainty regarding the Euro zone's economic recovery trumped a series of strong earnings from the technology and consumer products sectors. Equity traders appeared ready to take profits off the table, selling into strength. Energy stocks were among the worst performers as crude oil prices hit resistance. The financing and repayments terms for Greece were being outlined in a meeting with the IMF. Additional pressure on financials came about on expectations that a US Financial Regulation bill will be introduced in the Senate. The IMF is also calling for additional taxes on banks to shift the bailout from taxpayers to this reserve fund.
All of these elements capped early gains from the strong earnings results out of companies such as Apple, McDonalds, and Freeport McMoRan which increased its dividend payment.

TECHNICALLY SPEAKING, June S&P futures continue to range trade. Support remains at 1192.50, with a break of this level setting up retest of 1185.50. Resistance sets up at 1213.25. A close above this level may set up a move to test 1222.50.

COMMODITY HIGHLIGHTS

Crude Oil closed weaker. The early gains were eroded by a bearish inventory report showing unexpected builds in crude and RBOB gasoline.

NY Cotton continued to gain after Tuesday's limit up move sparked by the announcement that India will cease exports in order to stabilize domestic prices. The market closed significantly off its highs as pre market catch up and option strategists pushed the market to its best levels on relatively thin volume. Market may still be vulnerable to continued price spikes, particularly in the front months, as the commodity is in significant backwardation.

Prepared by Rich Roscelli & Paul Brittain.
Please voice your market opinions, thoughts, and questions by email to: rich@binvstgrp.com

Additional Information can be found at WWW.WHITEHALLVEGAS.COM

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Whitehall Investment Management, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

ICE Futures U.S. cotton for July delivery on Wednesday set a fresh contract high and two-year high of 86.80 cents a pound. Wednesday's technically bullish follow-through buying strength follows Monday's price action, in which July cotton rose the daily trading limit of 300 points (3 cents). Tuesday's and Wednesday's price action in July cotton futures also produced a technically bullish upside "breakout" from a sideways trading range at higher price levels.

The next upside price objective for the empowered cotton market bulls is producing a close above psychological resistance at 90.00 cents a pound. Above that lies longer-term technical resistance at the 2008 high of 91.38 cents, basis nearby futures. The all-time high in nearby cotton futures was recorded in 1995, at 117.20 cents. Near-term chart resistance for July cotton is located at the contract high of 86.80 cents, at 87.00, 87.50 and then at 88.00 cents. Near-term technical support for July cotton futures is located at Wednesday's low of 84.82 cents, at 84.24 cents and then at 83.00 cents. Major chart support is located at this week's low of 80.52 cents. Stay tuned! Jim Wyckoff

Treasuries were mixed on Tuesday with the long end of the curve spending most of the day in green territory and the short end decisively red. Had the Bank of Canada not begin with it's dovish talk about consecutive rate hikes into year end, we might have seen a more pronounced bullish bias.

The Treasury will announced the next round of note issues on Thursday. Specifically, the 2, 5 and 7 year notes will be offered along with a batch of 5 year TIPS. Most analyst are looking for record size, and this could rekindle supply concerns.

We are a little uncertain as to the disconnect between notes and bonds. Our technical target/resistance area in the note worked like a charm but the T-bond rally lagged. The Bond chart suggests that there could be another surge to the rally but an apparent reversal in the note is suspect. For now, we are going to have to assume that the bond is the leader and that the outlook for moderately higher pricing is possible. That said, we like the short side of this market. Look for a good place to be a seller. There is a strong band of resistance from the mid 117's to 118.

Don't forget about our webinar with SFO Magazine on April 29th, you can sign up for free on our website (below).

* Due to time constraints and our fiduciary duty to put clients first, the charts provided in this artcle may not reflect the current session data. However, market analysis and commentary does. Charts provided by Track 'n Trade, Gecko software.

**Seasonality is already be factored into current prices, any references to such does not indicate future market action.

Treasury Bond and Note Option Trading Recommendations

**There is unlimited risk in naked option selling.

Flat

Treasury Bond and Note Futures Trading Recommendations

**There is unlimited risk in trading futures.

Flat

Carley Garner
Senior Analyst / Commodity Broker
DeCarley Trading
cgarner@DeCarleyTrading.com
1-866-790-TRADE
Local : 702-947-0701

http://www.DeCarleyTrading.com
http://www.ATradersFirstBookonCommodities.com

*Due to the volatile nature of the futures markets some information and charts in this report may not be timely.

There is substantial risk of loss in trading futures and options.

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

DATA RELEASES 04/20/10
NO MAJOR ECONOMIC RELEASES
EARNINGS RELEASES (J&J, COCA COLA, GOLDMAN SACHS)

DATA RESULTS 04/19/10
US LEADING INDICATORS (1.4%/1.1%)
EARNINGS RELEASES (CITIGROUP-0.15 EPS VS. -0.17 EPS)
HALIBURTON (0.23 EPS VS. 0.42 EPS)
IBM ($1.97 EPS vs. $1.73 EPS Y/Y)

US DEBT REVIEW AND OUTLOOK

US Treasuries began the new week with a mostly negative bias as a late session rebound in equities and risk tolerance cut back on demand for perceived capital security. The Treasury complex failed to rally on the overnight session; even as Asian equities played catch up to the downside from Friday's US fall and China announced stricter measures regarding lending in order to curb the rise in regional real estate.

Bond prices began to waiver after a US report on leading indicators came in stronger than expected and Citigroup posted revenues that beat analyst expectations and offered guidance that it's scaling down strategy of underperforming and non synergetic assets will continue.

Even as stocks hit their worst levels of the session, Treasuries failed to post another significant rally, as participants took a wait and see attitude with regards to possible defense of the bottom end of the major equities recent trading ranges. Patience was rewarded as a late session rebound in financials lifted stocks into positive territory. It would appear that a great deal of the capital which came out on the Goldman Sachs uncertainty is seeking to remain liquid, as the perceive toll of doom for financials may be somewhat overdone for the time being.

At the very least, it may not warrant tying up excess capital in the US debt market-which by the way ends its recent reprieve of new supply next week when US Treasury auctions of 2, 5, and 7 year notes are scheduled. Announcements of the amounts will be released this Thursday.

TECHNICALLY SPEAKING- Resistance for US 30 years held at the 117-06 range. Monday's 60 minute chart show a possible head and shoulders pattern forming. This suggests that a further test to the downside may be possible. Support for the contract sets up at 116-03 while an expansion of the recent trading range sets up resistance near the 117-10 level. Longer term outlook remains bearish, with downward momentum expected to test 115-04.

US EQUITIES REVIEW AND OUTLOOK

US stocks worked their way out of the proverbial gutter on Monday as buyer returned to pick up perceived value in the financial sector after Friday's sharp selloff due to the SEC accusations of securities fraud against Goldman Sachs. The initial shock appears to have worn off though as better than expected earnings from Citigroup took some of the sting out of the financials. The fact that Citigroup actually posted earnings was an element that would not have been likely perceived this time last year. IBM also posted better than expected earnings, though the stock lost ground in the aftermarket as part of its report showed come uncertainty regarding future growth as its service contracts signs fell in the first quarter.

Considering the run up in technologies, it is not hard to surmise some selling into strength or a "buy the rumor-sell the fact" strategy during this tech heavy earnings week. Apple and Microsoft will release their 1st quarter earnings this week as well.
The rebound remained centered on financials today though, as the buyers looked for positive sentiment by noting "the devil is in the details" In its decision to bring charges against Goldman Sachs for failing to disclose elements of the CDO's it was selling, the SEC actually posted a split decision to bring charges (3 to 2). This element took some of the sense of impending doom for the banking industry off the industry, reducing the notion that this action will be a complete witch hunt (at least for the time being). Again it appears that anytime the media begins to note the amazing fact that the VIX has hit a new low, elements combine to reintroduce volatility.

TECHNICALLY SPEAKING June S&P futures broke through support of its recent range at 1183.00. While the rebound to 1196.00 suggests that the market is not setting up for a freefall, it still looks vulnerable on the daily chart for a retest back down to 1171.25. Resistance sets up at 1201.10 and 1205.50.

Prepared by Rich Roscelli & Paul Brittain.

Please voice your market opinions, thoughts and questions by email to: rich@binvstgrp.com

Additional Information can be found at WWW.WHITEHALLVEGAS.COM

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Whitehall Investment Management, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

Currency, like all forms of abstract value, is based on trust. And trust itself is based - except among the most naïve - on experience, and the repetitive demonstration of fidelity, whether positive or negative. At present, the US dollar, which had experienced a gradual rise during the 20th Century to the position gained well into the Cold War of being the trading world's reserve currency. It had the mass, in terms of volumes of available currency; it had the backing of an indisputably wealthy national asset base to move away from the gold standard; it had stable governmental backing.

All of that is evaporating. Not, in absolute terms, as far as the mass of currency available, because that has dramatically expanded in recent years, and particularly during the past year of the Administration of Pres. Barack Obama. Not in the underlying asset valuation of the US economy, but it has begun to erode as the productive capability of the US to extract that value diminishes due to excess governmental interference and anti-business practices. It is far to say that other countries, from Nigeria to Russia, have vast untapped underlying asset value. That they did not create global reserve currencies from their naira and ruble was due to governance failures.

However, as we are witnessing, good governance as an essential component of currency value and the trust in that currency, can transform overnight, just as we witnessed the post-World War II collapse of sterling, and, now, the shakiness of trust in the US dollar (despite the reality that, at $14.2-trillion in value in 2008, is the world's largest). The age of the US dollar as the global reserve currency is not yet over, but it is threatened, and the trend toward a flight from the dollar (despite occasional returns to it) is evident. At present, however, the dollar is shored up because in many respects there is nothing of its stature ready to replace it. This leads to the essential question:

Are we entering a period in which we may have no global reserve currency?

The People's Republic of China (PRC) has been searching for safe-havens for its holdings of foreign earnings. The US dollar has slipped in its esteem, with some short-term benefits, perhaps for US exports, but with perilous long-term consequences. As a result, and whilst attempting to preserve the intrinsic value of its currency holdings, the PRC has been gradually scaling back its holdings in US currencies or US dollar-denominated instruments.

Where can the PRC go with its hoard? It looked at euro investments, at Canadian and Australian dollar holdings, and so on. The Australian and Canadian economic bases -- at just under a trillion US dollar GDP for Australia, and about $1.4-trillion GDP for Canada -- are insufficiently large to hold much in the way of PRC investments. Nonetheless, these economies have benefited from the PRC dilemma. The euro, however, is, like the US dollar, suffering from a loss of credibility, and unless some profound action is taken the euro may dramatically diminish in credibility, severely hampering the loose confederal structure of the European Union, preventing it from becoming the federal state of Europe to which some (mostly unelected) aspire.

We are, then, faced with a situation in which we may find a world without a standby currency, when, for a period after World War II, it had a couple: the US dollar and the pound sterling. It could have had more -- the German mark and the Japanese yen -- of the parent states of those currencies had been in a position to build a global base of trust. Now we are left in territory unfamiliar to all those now living, other than for the interregna of the World Wars.

What are some options?

India, with a GDP equivalent to only about one-trillion US dollars (and how long will we use the US dollar as a global measure?) is not in the running. The PRC in 2007 already had a GDP of $3.2-trillion, and had, by that time done to India what India itself did in competitive terms to Pakistan over the past decade or so. The Indo-Pak strategic competition ended in India's economic triumph. The Indo-PRC strategic competition may well have also already been decided by the PRC's true "great leap forward": the one it took when it embraced capitalism and not the one avowed by Chairman Mao Zedong.

So can the PRC move toward creating the renminbi (Ren Min Bi: People's Currency, of which the yuan is the principal measure, such as the yen or dollar) as a global reserve currency?

Not yet. The PRC is hampered by a lack of transparent economic (and political) governance and a lack of market-determined tradability for its currency. And this in turn means that it has not yet, and cannot yet, gain global trust in its currency. That does not mean that it is not a tradable currency; it is, but with reservations.

The PRC, at present, cannot afford to move toward total economic or political transparency. It is a structure, arguably a mix between a federal and confederal and excessively centrist systems, which is in flux, much of it the flux of growth. This is inherently unstable, and the PRC leadership wisely will not tamper with the formula merely for the sake of providing the US with the economic satisfaction of lowering the exchange rate for the yuan or providing the world with the satisfaction of a new reserve trading currency.

The international community may be able to muster some credibility to resume greater reliance on the International Monetary Fund's Special Drawing Rights (SDRs), created in 1969 to reflect "baskets of currencies", but this mechanism of the Bretton Woods accords (which relied on fixed exchange-rate thinking and which, in any event, collapsed in 1973) remains clumsy. Still, SDRs continue to exist and may be the standby for a period. Some private institutions are also issuing trading certificates, but these would also take a lot of growth in backing and credibility to have any merit. And that leaves the old standby, gold, as a major standard of measure, albeit a difficult one. Physical trade in gold is not practicable for modern transaction scales; paper based on gold is, as yet, lacking in trust and a credible set of issuing authorities.

What this all means, in sum, is the prospect that major trade will gradually become more bilateral in nature, based on very real mutual trust in each other's currencies or goods. This will be a significant limiting factor in trade, and will make bilateral balances of greater interest than in the past when trade balances of a bilateral nature "washed out" in the great mixing bowl of the global banking system.

This situation, too, will severely impact investment in research and development of a global nature. It will, without doubt, also lead us back into an era of greater nationalism and national competition.

Analysis By Gregory R. Copley for Oilprice.com who focus on Fossil Fuels, Alternative Energy, Metals, Oil Prices and Geopolitics. To find out more visit their website at: www.oilprice.com

This week we took note of something rather interesting; specifically there was a great deal of chatter going around regarding the current rally. As the mortal investor begs the question of divergences seen in the recent rally a veritable chorus of gurus and talking heads responds yes, this rally was good and that yes, a new bull market hath commeth; one we mortal investors must respect. While we will agree in so much that a one-day retreat will not be viewed as a returning bear market, it must be remembered this story is not dictated by the media gurus or seers but by the tape. We merely are observers of the markets, noting past behavior and patterns that we may observe. We do not tell the market where to go or how to go; basically we observe and report thus making observations of current behavior and similarities to past behaviors.

We noted in last week's letter that the market was primed for a retreat and further, while we knew that it was coming, we didn't know when it was coming. This past week our dear friend Hendrik pointed to the VIX chart highlighting a 13 count using the Demark indicator. Further observation of the VIX chart showed a very clear morning star formation. As you might imagine, this event made the hairs on our neck stand at attention and indicated that within a few days it was likely some event would take the market downward. The excuse was Goldman vs. the SEC, go figure.

Perhaps the only way to stop the sort of poor behavior demonstrated by Goldman et al, is to hold them accountable for their actions beyond a fine. Give them a black mark on their record, note for all to see that they are violating the streets code of ethics and make an example out of them. This sort of punishment is frequently seen for small broker/dealers, but the big guys slide by with a slap on the wrist and a few bucks to be paid out. They never learn because they are never hurt.

More importantly, what was done to punish the banks and mortgage companies who phantomized applications, messaged the figures and awarded mortgages based on fictitious valuations to people who couldn't afford them. What of the banks? Yes, Wall Street took full advantage of these loan obligations and packaged them into units to sell, but they weren't the loan originators just the resellers. Where were the regulators during this loan selling frenzy and, more importantly, where are they now? The banks had to be bailed out and in effect held harmless? Wall Street was bad but they only took the mortgages and repackaged them, they did not make the loans. Oh, by the way, we are back to 3% down and you too can be a proud home owner.

Today, the banks (which were brokerage houses just a couple of years ago and banks that were always banks) are enjoying almost zero percent interest rates when they borrow from the federal government. They then loan that money back to the government via Treasuries at a profit. Banks also lend money to the public via loans at a spread of about four/six points and they enjoy charging interest rates on credit cards from about 6% to 29% (and remember, all of this on money that they are borrowing at near 0% from the government). That is some punishment for having been a party to a near collapse of the financial markets. Can we get a piece of that action?

Monday: March leading indicators are released at 10:00 and Federal Reserve Board Governor Duke speaks. IBM, Citi and Lily just a few of the earnings to be released.
Tuesday: Earnings continue with Apple, J&J, Coke etc.
Thursday: March PPI is released at 8:30, March existing home sales are released at 10:00 and the earnings parade continues.
Friday: March durable goods are released at 8:30 and March new home sales are released at 10:00

The US Dollar index rallied in the Friday session moving above the 5-day moving average which is at 80.627. We remain below the downtrend line of 81.44. All the indicators that we follow herein are uniformly issuing a buy-signal. We gapped lower in the April 12, 2010 session and stepped into that gap on Friday closing that gap. The US Dollar remains below the downtrend line of 81.44 and must close above that line to turn this chart bullish. The top of the Bollinger band is 82.37 and the lower edge is seen as 80.213. We are above the Ichimoku clouds for the daily time-frame but are in the clouds for the weekly and the monthly time-frames. Both the weekly and the monthly charts look toppy. On the upside, there is almost no resistance above 82.17 and single prints on the Market Profile chart. This tells us that should we get to that level, we will likely melt up.

The S&P 500 futures contract remains above the uptrend line which is at 1182.51. The 5-day moving average is at 1198.15. The top of the Bollinger band is at 1207.42 and the lower edge is seen at 1151.37. The stochastic indicator finally broke below the support level of 68.05 and posted the lowest level seen since mid February. This indicator continues above the neutral level but is pointing lower. The RSI also broke to the lowest level seen since February when it closed the Friday session at 57.22, which is still above neutral but pointing lower. Our own indicator is issuing a sell-signal, but the Thomas DeMark Expert indicator is going sideways at overbought levels. We are above the Ichimoku clouds on the daily and the weekly time-frames but are below the clouds for the monthly time frame. We are overbought on both the weekly and the monthly time-frames. The point and figure chart tells us that so long as we stay above 1185, we should be fine.

The NASDAQ 100 looks to be in better shape than does the S&P 500. Why you ask, look no further than the stochastic indicator and the RSI. Neither the stochastic indicator nor the RSI broke below previous levels seen in this bull run that began in February. We noted last week that "the daily stochastic breaks below 57 and the RSI breaks below 65" would be needed to make us uncomfortable. Well, the daily stochastic indicator is pointing lower but closed the Friday session at 71.13 and the RSI closed the session at 65.73. We note that the RSI is getting very close to making a new low, one not seen since the beginning of the bull run, but it isn't there at this time. The 5-day moving average is at 2012.95. The top of the Bollinger band is at 2026.81 and the lower edge is seen at 1924.48. The uptrend line is at 1986.33. We are above the Ichimoku clouds for the daily, weekly and monthly time-frames.

The Russell 2000 looks the best of the financial indices. The 5-day moving average is at 712.72. The top of the Bollinger band is at 721.27 and the lower edge is seen at 664.87. We do have signs of exhaustion on the daily chart but we remain above the uptrend line at 709.42 and one at 707.85. We are above the Ichimoku clouds for all time-frames. The stochastic indicator, the RSI and our own indicator continue to issue a sell signal on both the daily and the weekly charts. The Thomas DeMark Expert indicator is going sideways at overbought levels. Our advice is to stay very nibble and defensive. This market and the NASDAQ 100 have out-performed the S&P 500. One reason for this underperformance to the downside is that there are no large financial companies in this small cap index or in the NASDAQ 100. This has helped keep both the NASDAQ 100 and the Russell 2000 from participating to the extent that the others did on the downside.

Crude oil closed below the uptrend line in the Friday session. The uptrend line is seen at 83.50. The 5-day moving average is at 84.59. The top of the Bollinger band is at 87.84 and the lower edge is seen at 79.23. All the indicators that we follow continue to issue a sell-signal and have room to the downside. We are above the Ichimoku clouds for the daily, weekly and monthly time-frames. The Market Profile chart shows lots of support as we retreat. On the upside, we will find ourselves in unstable areas above 87.09. Above that level, we will likely see a melt up. There should be good stability found in the 79.92 to 82.87 area.

Gold met with lots of selling in the Friday session leaving a very large bearish candle on the chart. The uptrend line has been broken. The 5-day moving average is at 1153.88. The top of the Bollinger band is at 1177.37 and the lower edge is seen at 1077.92. All the indicators that we follow herein are pointing lower with plenty of room to the downside. We are above the Ichimoku clouds for the daily, weekly and monthly time-frames. Unless and until we can close above 1164.80 we will probe the downside finding support all the way down to1086.40. The point and figure chart tells us that we need to close above 1137.80.

Oil Market Summary for 04/12/2010 to 04/16/2010

Oil prices plunged on Friday after the U.S. Securities and Exchange Commission charged Goldman Sachs with fraud in its marketing of certain subprime mortgage securities, amid a general sell-off in financial and commodity markets.

The allegations against one of the biggest market makers in virtually every markets dampened speculation heading into the weekend. Much like the volcanic eruption in Iceland spewed a cloud of dust over northern Europe that grounded all air travel, the SEC charge cast a pall over financial markets.

The May contract for West Texas Intermediate, which expires next week, settled down $2.27 or 2.7% at $83.24 after briefly dipping below $83 in the wake of the SEC announcement. The benchmark contract settled at $84.92 a week earlier.

Goldman Sachs had no immediate comment. Prices had been drifting lower in equities and other markets prior to the announcement, but fell sharply afterwards, led by a plunge of more than 10% in Goldman shares.

Some analysts speculated that prices could rebound on Monday once the dust has settled, but market participants remained uncertain about the long-term impact of the SEC charge on Goldman's business and on that of other major banks.

In the past, Goldman has rejected charges of misleading investors when it sold securities that it subsequently shorted in its own trading, asserting that that is the role of a market maker. Goldman is one of the biggest participants in the energy futures markets.

Oil prices started the week soft, but firmed up after Wednesday's inventory report from the U.S. Energy Information Administration, which showed a small decline in crude inventories after 10 successive weeks of increases.

An unexpected decline in April consumer sentiment reported on Friday, however, led to new doubts about the strength of the economic recovery and depressed prices. The market had been expecting a reading of 75 after 73.6 in the previous month, but instead the index came in at 69.5.

The inventory report on Wednesday pushed oil prices up 2.1%, to $85.84. But the monthly outlook from OPEC released the same day actually revised its forecast for 2010 demand for OPEC oil downward by 135,000 barrels a day from the previous month, to 28.8 million barrels a day. The group's expectation for the overall growth in oil consumption also trails that of other analysts.

By. Darrell Delamaide for Oilprice.com who offer detailed analysis on Crude oil, Geopolitics, Gold and most other Commodities. They also provide free political and economic intelligence to help investors gain a greater understanding of world events and the impact they have on certain regions and sectors. Visit: www.oilprice.com

Goldman Sachs is already a household name but the action and regulation from the Fraud accusations today will effect main street and wall street so investors need to be on point. Crude was down by nearly 3% today but the same trend line that held two weeks ago is still in place. As we said yesterday on a breach of $84 on a closing basis in June we suspect more weakness but until that the trend remains up. Natural gas was slightly higher but what I take away is with outside market weakness we remained positive. That speaks volumes about market sentiment. We are suggesting June futures and July call spreads with stops below the recent lows for clients.

Indices were hit but today is far from a victory for bears but just maybe this is the catalyst needed to get these markets back to reality. Assuming an interim top was made this week our targets would be as follows: S&P 1140, Dow 10600, NASDAQ 1900. Sugar prices were lower by 5% today; clients legged out of their May/October spreads. They were advised to book a profit on October shorts and put in stops 10-15 ticks below today's low in May. On a move higher they will trail stops; if they are stopped out the net result of the trade will be a loss of approx. $550/per. We advised clients to put in gtc profit orders on their July OJ; a trade 3-5 cents higher in the futures should get them their price. Treasuries are back above their short term MA's; as we previously stated a short entry over 118′00 is on our radar.

New highs were made in Euro-dollars; shorts should have been stopped at a small loss. We will look to re-establish shorts with clients again most likely from higher levels. With outside markets being so weak I was impressed with the action in grains today. Wheat corn and soybeans finished near their weekly highs. Longs in corn made some headway this week but being we are gone next week and we could see a pullback on good weather we advised clients with long December futures to sell May 1:1 as a hedge.

When we get back into the office we will examine selling lean hogs and live cattle for clients but for now I would stay away. The correction we've been calling for in metals is underway with silver 70 cents lower nearly 4%, gold down $23, and copper just over 2%. We expect there to be more downside and have an objective of $16.25/16.65 in May silver and $1095/1105 in June gold. If the dollar trades up we would suggest selling the Pound; we advised clients to buy June 1.50 puts today. The Loonie closed below the 20 day MA today for the first time 3 weeks. If metals and energies move lower we could see a trade back near .9500 in June.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

The S&P 500 settled above the 1,200 mark again on Thursday setting yet another key benchmark For the market on a weekly and yearly basis. It is trading at its highest level since September 2008. In the past two months alone, the index posted a gain of nearly 13 percent, closing in the green 30 Of the past 42 trading sessions. While this bullish momentum may be well received by some, the rate of Acceleration might be making others a bit nervous because most of this rally has been lighter volume Than usual. One tool widely used by technical traders to determine the momentum of a particular
Futures contract is moving averages, which serve to smooth out price fluctuations, highlight trends, And define support and resistance levels.

Since the March lows last year, the S&P's 50 day moving Average has been one of the benchmarks broadly used to spot patterns and movements. In particular Investors pay attention to large movements away from moving averages, with the assumption that the index could be entering overbought levels. For example, in the past six months and on average, the S&P traded within 2 percent Of its 50 day moving average. As of Wednesdays close, the index is 6.5% over this mark. So far in 2010 The S&P 500 advanced nearly 9 percent. Keep in mind that the average yearly return for the index in the past 15 years stands at 8 percent, with a median value of 14 percent. Although a bullish trend may not necessarily mean that the Market is overvalued, it could certainly serve as point of reference as per when investors may start Taking profits off the table. Therefore the questions remain. Will there be a correction in 2010? If so, when and how severe might it be? In my opinion we will have to watch the technicals on a daily and weekly basis to answer That question.

On a fundamental basis this week earnings reports and economic releases have been strong. The only weakness is the continued poor data from the Labor department concerning jobs. Nothing New here as the data has been very weak for what seems a lifetime. Today's jobless data showed people filing for Benefits rose 24,000 to 484,000 in the week ended April 10. Many economists had this number forecasted down
To 440,000 from 460,000 the week prior. However manufacturers are showing stronger data. Factory production climbed 0.9% After rising 0.2% in February.

Regional data from New York and Philadelphia's Fed banks showed manufacturing accelerated in April. New York's Empire State Index climbed to 31.9, a ninth consecutive month of growth, up from 22 in March. Chairman Bernanke spoke this week to the Joint Economic Committee of Congress. His response to the on going Jobs situation was tepid at best, saying "a significant amount of time will be required to restore the 8.5 Million jobs that were lost during the past two years." But also added that "consumer spending should Be aided by a gradual pickup in jobs and earnings, the recovery in household wealth from recent lows, and some improvement In credit availability." Bernankes prepared statement spoke to what has been happening in the stock indices.

The market has been prepared for weak job growth and is not shaken when the data is neutral at best. It has been more Concerned with how companies are growing on their balance sheets and showing profits. It has been said that one of the last Issues to be resolved when an economy is coming out of a recession is job growth. We'll see if this rings true in the coming weeks And months or if a double dip and selloff in the market is coming in the second fiscal quarter. Weekly Swing numbers will be released on Monday's Daily S&P report.

This week has continued where last week left off. After the finance ministers from the European Union announced they had in conjunction with the (IMF) International Monetary Fund had approved a bail-out package in excess 45 billion Euro's to aid Greece's debt crisis the general feeling amongst investors was one of relief. Most traders and investors globally certainly realized the Euro states still had more hurdles ahead considering Portugal, Italy, Ireland, and Spain were all thought to be seeking aid in addition to Greece. However, Greece was the largest debtor nation in the the European Union and many regarded the bail-out as a vote of confidence in the Euro states and the Euro Dollar. Once again the news from the EU is difficult to decipher.
Billionaire Investor George Soros was quoted as saying "Greece still faces the danger of a "death spiral" because the cost of borrowing in the Euro region is too expensive".

Economic data released this were mixed this week.

There were better than expected corporate earnings and U.S Retail sales that helped sustain the recent precious metals rally. However, the U.S Department of Labor released data stating that the number of Americans filing claims for first time jobless benefits INCREASED 24,000 last week. This brings the total to 484,000 for the week ending April 10. This jobless news was followed with data supplied by Realty Trac Inc.'s report stating Foreclosure filings in the U.S. rose 16% in the first quarter from a year earlier and bank seizures hit a record as lenders enforced action against delinquent homeowners. The prediction is for more than one million seizures this year! One out f 138 households received a default or action notice, or were repossessed by lenders.

Also this week we learned that Federal Reserve Chairman Ben Bernanke has pledged to keep the main interest rate LOW for an "extended period" contingent on high unemployment and low inflation. Mr. Bernanke also stated" the U.S. expansion will remain moderate as the economy contends with weak construction spending and high unemployment".


Despite the global recession, China's gold and jewelry consumption still maintained a 10m percent increase last year. China's leading jewelry department store "CAIBI"has increased 60% year on year. It is projected gold and jewelry exceed $58 billion annually by the year 2020. There is an expectation that the Chinese will raise rates again. China's GDP rose 11.9% in the first quarter from a year earlier

This week the buying of bullion from the jewelers of India has been sluggish due to the recent escalation of prices. As of this posting we are trading over $1160 per ounce in gold and over $18 an ounce in silver. The Indian jewelers were Responsible (in my opinion) for single handedly supporting the Gold market the first 3 months of the year. They were buying almost every price dip in attempt to purchase gold at "bargain prices"
in order to stock up for insatiable demand for their April-May wedding season as well as their upcoming "Akshaya Tritya festival falling on May16th . this a Hindu Holy Day in which the giving of Gold and Silver as gifts can be exhaustible jewelers have been
known to actually run out of stock. The jewelers thus far have been showing great patience in hopes off a price drop. However, the demand is there and they'll have to pay up if the market does not fall.

Let's Talk Gold.............

Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-775-3014
312-563-8029

*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, AND FOREX*

DATA RELEASES 04/15/10
8:30 am-Empire State Mfg Survey (25.0)
8:30 am- US weekly jobless claims (440 K)
9:15 am US Industrial Production (0.8%)
10:00 am Phil Fed Survey (20.0)
10:30 am EIA Inventory Report (Nat Gas)

DATA RESULTS 04/14/10
US Retail Sales (1.6%/1.2%)
US CPI (0.1%/0.1%)
US Business Inventories (0.5%/0.4%)
EIA Inventories (Crude) Draw down in CL -2.2m, Draw in RBOB, Build in distillates
Beige Book-Fed comments that economy expanded in consumer spending & manufacturing, services continued to lag.
(Earnings-JP Morgan Chase (.74 eps vs. .64 eps)

US DEBT REVIEW AND OUTLOOK

US Bonds closed weaker after an early seesaw session. Initial resistance levels held in most of the futures on the long end of the yield curve as risk tolerance jumped with a vengeance. Fixed income was buffeted by a series of data that proved highly bearish. Earnings from JP Morgan Chase, Intel, and CSX railroad freight services were all significantly better than expected; while reports on retail sales and consumer prices joined in support of positive sentiment for economic recovery. The positive momentum supporting recovery led Treasuries to their worst levels by the close of the cash session in equities. Even cautious testimony by Federal Chairman Bernanke and a return to uncomfortably high yields in Greece's debt market (on the long end of its yield curve) failed to offer a lift to the Treasury complex. Data on US weekly employment claims and manufacturing will contribute to Treasuries possibly continuing to range trade or break to a new support level.

Technically, June 30 year futures hit target level of support at 115-26. A break of 115-23 could set market up to test 115-09. Resistance sets up at 116-07.

US EQUITIES REVIEW AND OUTLOOK

Stocks closed at their best levels since September of 2008, as a wave of better than expected earnings, strong consumer sales, and a lack of fresh inflation worries boosted confidence in equities. Technology stocks led the broad based rally, which posted the best advance/decline ratio in years. Intel, JP Morgan Chase, and CSX Rail shipping services all posted better than expected earnings. US Retail Sales posted an even better bounce than had been expected, given the strong guidance from recent reports on chain store sales during the Easter holiday season. The US Consumer Price Index came in line with expectations. These figures managed to offset the relatively subdued forecast by Federal Reserve Chairman Bernanke, The Chairman's testimony suggested an attempt to reign in a sense of unsustainable euphoria, as the commentary from the Fed's Beige Book was significantly more upbeat regarding its review of economic growth within the Federal Reserve banking regions.

Thursday will offer further insight into economic prospects on the manufacturing level in New York and Philadelphia; in addition to weekly jobless claims, the sector that continues to weigh on the longer term prospects for sustained economic recovery.
Technically, June S&P futures are bumping up against a key RSI level of 80, suggesting a significantly overbought position. Support for the contract remains in place at 1183.00, while upside resistance sets up at 1208.00 and 1212.00.

Prepared by Rich Roscelli & Paul Brittain.
Please voice your market opinions, thoughts and questions to: rich@binvstgrp.com

Additional Information can be found at WWW.WHITEHALLVEGAS.COM
Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Whitehall Investment Management, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

I am not implying for good but quietly the dollar has lost ground for the last 6 sessions trading to its lowest level in one month today. The losing streak in Crude was broke today with conviction as a draw of 2.2 Million in today's inventory report has prices in the futures $2 higher trading back near $86/barrel. After the recent shakeout prices may be on their way to $90/barrel. We will be out of the country next week so we chose not to be in Crude until we return but those wanting exposure we would advise longs. We would remain long as long as $84 holds on a closing basis in May.

Natural gas was higher for the second day running but we would like to see a more convincing confirmation like a settlement above $4.35 in May. We suggest longs in June futures and purchasing July 50 cent call spreads. Assuming we've found a low a 38.2% Fibonacci retracement would lift prices in May to $4.65. Positive earnings and comments from Bernanke helped lift indices to fresh highs. With the Dow above 11000, S&P above 1200 and the NASDAQ above 2000 what was resistance now becomes support. Regardless we are not buying with clients and would rather miss more upside than be long at these levels.

Sugar gained 3% today and had its first close above the 20 day MA since mid-February. We are advising longs and expect a trade above 19 cents in the not too distant future. We feel you still have time to layer in longs in OJ as prices have only moved a nickel off their lows last week. We're expecting an appreciation of 12-15% in prices in the coming weeks. Treasuries failed to make new highs today and look destined to make new lows. The inverse relationship to equities should play out but we would prefer to be a seller from higher levels with clients. Corn gained 1.50% today trading to its highest level in 3 weeks. We continue to suggest clients to have long exposure via futures and options anticipating a trade back above $4/bushel in the front month contract.

June live cattle traded lower for the third consecutive day; continue to trail stops down protecting profits. The trend line where prices bounced from 2 1/2 weeks ago comes in at 92.70. The manic action continued in industrial and precious metals with prices higher in today's sessions. Until June gold and May silver gets above Mondays highs we are operating under the assumption that prices are due for a setback. Those levels come in at $1170.70 in gold and $18.61 in silver. We are not advising shorts but would rather wait for a pullback to re-establish longs. If the dollar breaks 80.00 expect more upside in foreign currencies, if that level holds look for selling opportunities in the other crosses. We will be exploring short plays in the Pound, Swissie, Euro and Loonie on signs of dollar strength.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

June Comex gold futures bulls have recently gained fresh upside near-term technical momentum. Prices on Monday hit a fresh four-month high of $1,170.00 an ounce. Prices are also in a nine-week-old uptrend on the daily bar chart. For June gold, shorter-term technical resistance is seen at Wednesday's high of $1,162.80, at this week's high of $1,170.70 and then at $1,175.00. Major psychological resistance is located at the $1,200.00 level. Shorter-term technical support is located at Wednesday's low of $1,151.00, at $1,146.60, at this week's low of $1,145.40 and then at $1,140.00.

From a longer-term perspective, an examination of the monthly continuation chart for nearby Comex gold futures shows a solid longer-term price uptrend remains firmly in place, which suggests that in the coming months, the path of least resistance for the precious yellow metal will remain sideways to higher. Stay tuned! Jim Wyckoff

DATA RELEASES 04/14/10
8:30 AM US Retail Sales (1.2%)
8:30 AM US CPI (0.1%)
10:00 AM US Business Inventories (0.4%)
10:30 AM EIA Inventories (Crude)
After Market Close (Earnings-JP Morgan Chase)

DATA RESULTS 04/13/10
US INTERNATIONAL TRADE (-39.7/-39 B)
MAJOR EARNINGS RELEASES (INTEL/0.450/0.38 EPS)

US DEBT REVIEW AND OUTLOOK

US Bonds drifted higher ahead of Wednesday's data on retail sales on consumer inflation. The complex continued to attract investors seeking value as the spread between Treasuries and high yield corporate debt continues to narrow, eroding some of the risk reward ratio that has driven the corporate bond rally. Bonds closed near their highs of the session despite a tech led rally in stocks ahead of Intel's earnings release.

With a lack of new supply of debt from the long end of the US yield curve coming to market over the next several weeks and Monday's report showing a record month to month drop in the Treasury budget, the short memories of Treasury bears appears to be manifesting itself right now. Those seeking a new bull run in the complex should take care though, as the elements which appear to be fueling this upward run may have a relatively short life span, particularly after the establishment of a new upside in the trading range for US Treasuries is set. In addition, a renewed commitment of searching for yield in corporate debt may resume once the "bunker" mentality of parking funds ahead of US tax day is complete.

Technically, US Treasuries continue to drift higher in search of a resistance point. The 30 year contract appears to be testing a key Fibonacci level at 116-23. Continued lack of fundamental opposition could allow for tests of 116-28 and 117-02. These appear to be attractive levels to initiate short position, as the market could stage a pullback to 115-26.

US EQUITIES REVIEW AND OUTLOOK

Stocks closed near their best levels of the session as the anticipation of earnings from technology bellwether Intel was too much for equity traders and investors to resist. Gains in technologies and industrials managed to overcome weakness in the energy and financials. Early pressure on the market from a higher than expected US trade deficit figure faded as support levels for the recent trading range held and expectations for strong earnings and guidance from Intel drove sentiment for global economic growth higher.

Intel beat earnings expectations by 5 cents per share (0.43 vs. exp 0.38) and forecast that its 2010 second quarter sales would be around $10.2 billion, plus or minus $10.2 billion. This prediction was significantly higher than most analyst expectations and staged an aftermarket continuation of Tuesday's tech sector run. Intel highlighted its expected growth on construction of new server technology and strong PC and personal computing device demand.

Earnings periods have been a volatile time for Intel stock over the last several quarters; with profit taking the usual outcome after a strong post release run up. While this may be a likely play out in the tech sector, it remains to be seen if the upbeat guidance that many companies may now put forth will leave them more vulnerable to revenue sustaining performance.

Technically, June S&P futures should remain range bound between 1183.00 and 1203.00 for the near term, as the tone of earnings season sets up.

Prepared by Rich Roscelli & Paul Brittain.
Please voice your market opinions, thoughts and questions by email to: rich@binvstgrp.com
Additional Information can be found at WWW.WHITEHALLVEGAS.COM

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Whitehall Investment Management, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

Does moral hazard even exist anymore? The list goes on auto-companies, banks, insurance companies and now countries. Crude closed lower today for the fourth consecutive day and below the 9 day MA for the first time in 10 sessions. We are operating under the assumption that prices will make an attempt at the 20 day MA at $83.03 in May. Clients are advised that if we see a trade down to $82/83 and it holds we will have some bullish suggestions. Natural gas continues to consolidate as a base appears to be forming.

Today's action was not super bullish but at least we did get a higher high and higher low. We are recommending scaling into June futures as well as purchasing July 50 cent call spreads. We are waiting for a signal from the markets that an interim top has been made in indices but have yet to see it. If and when we will be looking to re-position clients short vie June ES shorts and or put options. May sugar traded above the 20 day MA for the first time since the first week of February when prices were at 27 cents/lb. On a settlement above that level we will be looking to buy calls in July and October for clients. In today's trade we initiated some spreads for clients; buying May and selling October anticipating the spread to narrow and May to go back to a premium.

Cotton continues to be a sell rallies market as long as July does not settle above 80 cents. Those that have yet to buy OJ we suggest scaling into longs as we anticipate a bounce. Allow 30-yr bonds and 10-yr notes to rally more before initiating shorts. We expect to see a trade closer to 118′00 in both instruments this week or next. Corn was higher on the day but we would like to see a settlement above the 20 day MA in the coming days; that level is $3.54′4 in May. Aggressive traders could be short June lean hogs and June live cattle with stops above the recent highs. We're pricing out delta neutral strategies in August cattle and should have suggestions in the coming sessions. Could today have been a key reversal in the metals?

May copper closed almost 15 cents off its highs, gold $15 off its highs and silver 40 cents. At the moment we will not get short gold or silver though we think new buyers should remain on the sidelines as we could see a $50 move lower in gold and $1 lower in silver very easily in our opinion. We suggest buying out of the money December puts in copper thinking we will make a seasonal high some time in April/May.

The dollar traded to its lowest level in 3 1/2 weeks and if 80 is penetrated that would confirm an interim top. Dollar weakness would most likely translate to a move north in the Euro, Pound and Swissie. We will be looking to sell these rallies from higher levels with clients...stay tuned. If we do get a move south in energies and metals we should finally get the Loonie moving down. Clients are selling rallies and buying June puts lightly.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

News of a "confirmed" contingency plan for Greece seems to have fixed income products on a global basis on the rise. Apparently, it seems as though default risk which was previously seen as minimal is now non-existent. Accordingly, even historically low yields appear attractive to some. Also, there is some chatter of skepticism in the Treasury arena in regards to the finality of the bailout agreement.

This week is "auction free" and that leaves economic data and corporate earnings data as the market leaders. The calendar is packed; on Wednesday alone we will hear about consumer price pressures, retail sales, the Fed Beige Book.

The day's rally was stopped dead in its tracks near the pivot areas of 116'10ish in both bonds and notes. This leaves the market technically neutral and makes speculation tough from such levels but despite the chart, this market feels like it wants to go higher. We prefer to patiently way for better prices to be long...if it turns out that we missed the boat on the upside, we like being bears closer to 119 in the 30 year and 118 in the 10 year. After all, we are in a seasonally weak time of year for Treasuries.

In the meantime, if the bears come back to bonds and notes support should be found in the June 30-year bond near 113'20 and in the note at 114'24. If these areas are seen again in the near-term we will likely be bulls.

* Due to time constraints and our fiduciary duty to put clients first, the charts provided in this newsletter may not reflect the current session data. However, market analysis and commentary does. Charts provided by Track 'n Trade, Gecko software.

**Seasonality is already be factored into current prices, any references to such does not indicate future market action.

Treasury Bond and Note Option Trading Recommendations

**There is unlimited risk in naked option selling.

Flat

Treasury Bond and Note Futures Trading Recommendations

**There is unlimited risk in trading futures.

Flat

Carley Garner
Senior Analyst / Commodity Broker
DeCarley Trading
cgarner@DeCarleyTrading.com
1-866-790-TRADE
Local : 702-947-0701

http://www.DeCarleyTrading.com
http://www.ATradersFirstBookonCommodities.com

*Due to the volatile nature of the futures markets some information and charts in this report may not be timely.

There is substantial risk of loss in trading futures and options.

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

The S&P 500 futures contract plowed higher for the day and for another week. We have seen this index rally for the past three months. It is now approaching the 0.618% Fibonacci retracement number which is at about 1237.86. We observe on the daily action, a pattern of softness intraday with buying at the end of the day. There could be two possible reasons for this behavior; one is that institutions are making their decision late in the day and investing in the last hour of trading and the other, those who were short all day looking for a market correction, threw in the towel by the end of the day and covered their positions. We believe that it may be a combination of the two causing the end-of-day rallies. We certainly understand the reasoning for this. After all, how happy can you be earning 0.45% on your money and then enjoying the tax you have to pay on that interest your money earned? Basically, you are losing money, even if we were to factor in very tame inflation. (Many economists believe that we are in a disinflationary environment, we disagree and believe that we are in stagflation.) Yes, the market has been overbought for months, but this behavior can continue until it ends. Reasonable people understand that this will persist until it doesn't. Remember, actions once put in to motion tend to remain in that direction. To change direction we need to see exaggerated force in opposition to the current force and since the "buy the dips" crew is back in action that force is lacking. Think about bad habits like smoking; it is easier to keep smoking than to quit. Quitting takes a lot of effort and pain. Besides, bull markets are a lot more fun than are bear markets.

Earnings season begins on Monday with Alcoa's release after the close. Expectations are running to the high side and the market will meet those expectations. Think about the comparisons to last year and logic tells you that it won't take much to beat out last year's projected depression levels and that this year's "happy happy joy joy" projections will be positive. The question you need to ask is whether the forward looking projections will be correct. Are we moving into an expansion or something less positive? Unless people find employment and incomes improve, this recovery will be doomed. How healthy is the market really, are we fooling ourselves into buying the propaganda produced by our government? Will we actually be able to pay our debts without crushing our children's future? Is our currency behaving better because everybody's is a lot worse than ours is. These are just a few questions that will eventually need to be answered.

It seems that as winter gives way to spring and the blossoms appear our mood improves and we feel compelled to open our wallets and take a little risk. We have noticed investors, are taking more risk than usual. Money appears to be leaving the perceived safety of the money market funds, and is being invested in the equity market where, it has a greater chance of finding returns. That said, here is a little comment about the Bollinger bands. The S&P 500, the NASDAQ 100 and the Russell 2000 all close at or above the Bollinger bands on the charts. When reviewing past history of these indices, you will note, that the Bollinger bands will become wider as the market moves to extremes (either up or down). Rarely is this extreme seen for more than three or so days. If you are buying into the breakout, remember that we will retreat from the upper Bollinger band and likely return to near the 20 day moving average. We need to point out that in July of 2008, we rallied above the upper Bollinger band for many days and did not return to the 20 day moving average until December of 2008. This period could be similar, but only time will tell. This is just an observation not a fact written in stone.

Opening at the Broadhurst Theatre in New York City on April 27th, "Enron" the musical. How about as a follow-up Broadway show: "Obamacare the drama" or "Ruben and Greenspan the Follies." We love the fact that we can make fun of ourselves. It is healthy and harmless might even warn us not to do it again, something like Prohibition, the subject of many movie scripts.

Monday: Alcoa releases earnings after the close. Tuesday: March import prices are released at 8:30 and February international trade is released at 8:30. Wednesday: March CPI is released at 8:30, March retail sales are released at 8:30, February business inventories are released at 10:00, Chairman Bernanke testifies on "the Hill," and the Fed Beige book is released. Thursday: March industrial production and capacity utilization is released at 9:15, and the Philly Fed Survey is released at 10:00. Friday: March housing starts and April Michigan sentiment is released at 9:45 to 10:00.

The US Dollar Index retreated in the Friday session. Should the US Dollar Index close below 80.52, the door will be open to 79.65 and 78.77. The uptrend line for the Monday session is at 80.98 or so. The 5-day moving average is at 81.41. The top of the Bollinger band is at 82.56 and the lower edge is seen at 79.85. The stochastic indicator, the RSI and our own indicator all continue to issue a sell-signal with plenty of room to the downside. The Thomas DeMark Expert indicator continues to point higher at overbought levels. We are above the Ichimoku Clouds for the daily time-frame but in the clouds for both the weekly and the monthly time-frames. The uptrend line on the weekly chart is at 80.87. It looks as though the US Dollar Index could see further declines in the short term. To turn this chart positive you will need to see a close above 81.99.

The S&P 500 futures contract closed above the upper Bollinger band in the Friday session. This index has been grossly overbought for months and remains overbought as measured by the RSI and the stochastic indicator, both of which continue to point to higher levels. Our own indicator is not overbought but does continue to issue a buy-signal. The Thomas DeMark Expert indicator is issuing a sell-signal. The uptrend line is seen at 1174.89. The 5-day moving average is at 1178.47. The top of the Bollinger band is at 1190.44 and the lower edge is seen at 1150.72. The rally in the Friday session can only be seen as a substantial breakout to the upside. We do need to see some follow-through of this action with better volume. We are above the Ichimoku Clouds for both the daily and the weekly time-frames, but remain below the clouds for the monthly time-frame. We are overbought on all time-frames, daily, weekly and monthly. The next real area of resistance is at the 0.618 level of 1237.86. We do have signs of exhaustion on the weekly chart.

The NASDAQ 100 rallied 0.61% in the Friday session underperforming the S&P 500's rally of 0.75% and the Russell 2000 rally of 0.70%. The problem we see is that the NASDAQ and the Russell 2000 have led this rally and now seem to be falling behind the rally in the S&P 500. Still the NASDAQ 100 managed to close at the upper edge of the Bollinger band in the Friday session. The NASDAQ closed at the highs of the day. The 5-day moving average is at 1969.38. The top of the Bollinger band is at 1990.92 and the lower edge is seen at 1922.62. Naturally, we are above the Ichimoku Clouds for the daily, weekly and the monthly time-frames. We are overbought on all time-frames. All the indicators that we follow continue to point higher at overbought levels. Overbought is a relative term, in an bull market, overbought levels can be seen for extended periods of time so don't let the condition fool you into believing that there has to be a sell-off. We will remain at these levels until the daily stochastic breaks below 57 and the RSI breaks below 65. When looking at the point and figure chart, you will notice that the NASDAQ 100 broke out of a double top at 1987.50.

The Russell 2000 closed above the upper Bollinger band in the Friday session. All the indicators are overbought but only the RSI and stochastic are issuing a continued buy-signal. The Thomas DeMark Expert indicator is issuing a fresh sell-signal and our own indicator is flat-lining. The 5-day moving average is at 690.45. The upper edge of the Bollinger band is at 701.43 and the lower edge is seen at 667.15. Should the market retreat, good support will be seen at 648.90. We are above the Ichimoku Clouds for the daily and the weekly time-frames. We are overbought for all time-frames. There is little overhead supply to keep this market down. Don't fight the trend until it no longer is the trend. The uptrend line is at 693.10.

Crude oil has been in retreat since touching a high of 87.09 in the Tuesday session. There is a strong uptrend line at 82.03 if broken will open the door to 78.57 and 74.59. We are above the Ichimoku Clouds for the daily, weekly and monthly time-frames. The 5-day moving average is at 84.75. The top of the Bollinger band is at 87.16 and the lower edge is seen at 78.40. While we are in retreat, we see some support at 83.09. The market is demonstrating a disconnect with the US Dollar. Generally speaking, as the dollar retreats, crude oil (priced in US Dollars) rallies. Lately, we have not seen this connection. Crude oil also plays into the recovery/expansion chatter. Should the global economies expand, naturally there will be increased demand for crude oil and the price should increase. Many economists see disinflation in our future. We see stagflation in our future, increased prices with stagnate wage growth. Thus, we have less money to spend on ever higher bills.

Gold is headed higher as people become concerned, not about inflation but rather, about currency risk. Gold the ultimate currency has been inching higher as the PIIGS problems continue. The Euro has been battered and the US Dollar is plagued with debt. The market is concerned about the Pound Sterling and most other currencies ergo, gold becomes the vehicle of choice. You can trade gold in all currencies. Simply stated this has kept the demand for gold high. The 5-day moving average is at 1131.86. The top of the Bollinger band is at 1158.06 and the lower edge is seen at 1078.42. Gold is overbought and will issue a sell-signal in the Monday session. It likely will retreat to 1145.80 and then 1132.80, but will find a bid upon shallow retreats. We have supply up to the December 2009 highs. It does look as though, we are going to go through those highs in the not too distant future.

Oil Market Summary for 04/05/2010 to 04/09/2010

Crude oil prices ended the week virtually unchanged from a week ago as optimism about demand warred with trepidation about historically high inventories in both crude oil and gasoline.

The benchmark West Texas Intermediate contract settled at $84.92 a barrel on Friday, only 5 cents ahead of the previous week's Thursday close after surging above $87 a barrel early in the week and then declining for three straight sessions.

Bears noted that oil seemed unable to stay above $87 a barrel level, while bulls said that oil had tested the $84 level going down and found resistance.

The contango for oil increased during the week, suggesting continued downward pressure on short-term prices. Contango is when further-dated contracts have higher prices than near contracts. Contango widened to about 60 cents from 40 cents as near-term prices fell at the end of the week.

Analysts also noted that the gasoline crack spread - the difference between a barrel of crude and a barrel of gasoline - declined over the week, indicating soft demand for gasoline.

Crude oil inventories rose for the 11th straight week and gasoline inventories remained high for the season. Refineries increased capacity utilization to nearly 85%, giving rise to concerns that gasoline stocks would remain high if seasonal demand failed to materialize.

Crude oil has gained more than 70% over the past year, outstripping the fundamentals, on speculation that economic recovery would result in an increase in demand.

Energy prices are approaching a crossroads, analysts said. Either demand will in fact start reducing inventories and prices will head toward $100 a barrel, or inventories will remain at above-average levels and prices could head back in the direction of $75 a barrel.

Continued uncertainty about Greece's fiscal crisis also dampened oil prices. Fitch downgraded Greek debt to BBB-, the lowest investment-grade rating, increasing the country's borrowing costs even as it frantically tries to raise money in international capital markets. A Greek default and its knock-on effects in Europe could severely impact economic recovery and reduce demand for oil.

By. Darrell Delamaide for Oilprice.com who offer detailed analysis on Crude oil, Geopolitics, Gold and most other Commodities. They also provide free political and economic intelligence to help investors gain a greater understanding of world events and the impact they have on certain regions and sectors. Visit: www.oilprice.com

Remember trading is a marathon not a sprint. It is about how much money we can make long term not every trade. Crude finished lower for the third consecutive day today trading below but closing above the 9 day MA. As we voiced yesterday on a penetration of that level expect the next stop to be the 20 day MA; in May closer to $83. Today's trading range was $2.25 or $2,250 per futures contract so be careful. At this juncture we favor buying dips expecting a trade to $82/83 in the coming days.

Natural gas finished the week strong gaining just over 4% today carrying prices back above the 9 day MA. We advise clients to lightly buy dips in May or June futures and/or July 50 cent call spreads. Assuming last weeks low serves as an interim bottom we are positioned to take advantage of a 50-75 cent appreciation in the coming weeks.

Assuming sugar does not make fresh lows next week we should have some long ideas in options and futures...stay tuned. As promised yesterday if the trend line held in OJ we would look to make a move on behalf of clients; today clients started buying July $1.20/1.40 1:2 call spreads. We may look to add to the position next week and have some trading suggestions in futures. OJ finished 2.50% higher in today's session. Mixed trade in Ag today with corn and wheat slightly lower and soybeans slightly higher. We still favor long exposure in corn; July calls and December futures. On a failed rally in wheat next week we may look to be a seller for clients so stay alert.

Both cattle and hogs finished at new highs this week lifting both contracts to fresh 2010 highs. We will be looking for an entry from higher levels to gain short exposure in the weeks to come. Live cattle could challenge the 2008 highs about 5 cents higher before we make a move and on hogs the 08′ highs are still over a dime away so be patient.

Gold has been nothing short of spectacular of late gaining ground 10 out of the last 11 sessions. In fact today June traded at a new 2010 high; there is likely more upside but we suggest trailing stops and lightening up as nothing moves up in a straight line. Use $1145 as support and $1190 for your next upside target. May silver got within spiting distance of $18.50 an ounce today when we advised clients to exit all remaining July options at a profit of 25-30% net. We will be now looking for dips in gold and silver before re-establishing longs for clients.

The US dollar index broke the 20 day MA and closed just above the 34 EMA. On a breach of that level at 81.00 on the June contract look for the Euro, Pound and Swissie to continue moving north. Aggressive traders can be short the Loonie with stops above the recent highs though this has bit us a few times of late we do feel a 2% fall could happen at any moment. We welcome a rally in the Yen and will be looking to sell in the next week or so for clients. We see upside resistance between 1.0850-1.0910.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

After a miraculous recovery from what could have been a doom and gloom scenario for the equity markets in yesterday's trade, the major indices were able to add to gains ahead of earnings.

The bulls are hoping that solid earnings will be the catalyst that the market needs to continue the upward momentum; and bears believe that the market will struggle to hold "frothy" levels even if earnings meet expectations. Historically, the markets have a habit of rallying ahead of earnings only to give much of the gains back once the news becomes a reality.

Many analysts have struggled to come to terms with the fact that the stock rally has overcome questionable fundamentals but there are some glaring technical and mechanical arguments for lower prices (we know, we know...we have been saying this for some time). Many oscillators, particularly in the Russell, are showing obvious examples of divergence (new highs on the chart but not in the indicator). Also, as of last week's Commitment of Traders measurement small speculators had become net long the e-mini S&P for the first time since we can remember (well over a year). In the meantime, the large speculators have gone from long to short. This doesn't necessarily mean that the highs are in but it does suggest that a temporary trend reversal could be in the cards. After all, small specs are often lat to the party (they tend to be buyers after the move has exhausted itself). The large speculators aren't always right, but they have a substantial amount of capital backing their bets and that says something about their skills.

The S&P appears to be looking a bit higher from here, our upside projection for "mutual fund" Monday will be 1195ish. However, this rally appears to be unhealthy in the lack of digestive days and this can't last forever. Some of our CME sources note that they haven't seen this type of one sided trade since the tech bubble....and we all know how that ended. We aren't necessarily looking for a crash but the markets are in need of a pullback.

Similar technical levels in the NASDAQ and Russell are 1995 and 707, respectively.

* Due to time constraints and our fiduciary duty to put clients first, the charts provided in this newsletter may not reflect the current session data. However, market analysis and commentary does. Charts provided by Track 'n Trade, Gecko software.

**Seasonality is already be factored into current prices, any references to such does not indicate future market action.

Please note: A mini S&P chart is used because it is better for charting purposes, but trade recommendations can be applied to either the full-sized S&P or the mini. Unless otherwise noted, profit and loss will be based on the mini version.

S&P 500 Futures and Options Trading Recommendations

**There is unlimited risk in naked option selling and futures trading

Position Trade -

February 19 - Our clients were advised to sell the April 1165 calls for about $7.50, fills were coming in near $7.25 and a handful at $7.50.

March 5 - Clients with ample margin and guts, were recommended to add to this position by selling the 1165 calls for $9.50.

March16 - Clients were advised to roll half of their short call position into the April 1185/1100 strangle.

March 17 - Clients were advised to roll the remaining 1165 calls into the May 1190 calls to give the market some breathing room.

March 31 - Clients were advised to buy back the short 1100 puts for $1.75 in premium

April 1 - Clients were recommended to roll any existing April 1185 calls into the May 1215 calls for a small credit (about .50). This moves the risk away from the market and lowers the delta considerably.

Russell Futures and Options Trading Recommendations

**There is unlimited risk in naked option selling and futures trading

Position Trade -

March 9 - Sell 1 June mini Russell @ 682 OB

Please note: A mini-NASDAQ chart is used because it is better for charting purposes, trade recommendations will denote whether a mini or full sized contract should be used.

NASDAQ Futures and Options Trading Recommendations

**There is unlimited risk in naked option selling and futures trading

Position Trade -

March 3 - Sell 1 e-mini NASDAQ at 1878 or better

Carley Garner
Senior Analyst / Commodity Broker
DeCarley Trading
cgarner@DeCarleyTrading.com
1-866-790-TRADE
Local : 702-947-0701

http://www.DeCarleyTrading.com
http://www.ATradersFirstBookonCommodities.com

*Due to the volatile nature of the futures markets some information and charts in this report may not be timely.

There is substantial risk of loss in trading futures and options.

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

Whether it is natural gas, corn or the S&P is the last few days' activity a head fake or reversal? Crude recovered after losses early in the day to end virtually unchanged. We still would suggest a buy dips mentality though you can be patient being a penetration of $84 should lead to a trade closer to $82 in the May contract. Prices in natural gas are back to levels seen one week ago after a 50 cent roller coaster ride up and now back down. We are suggesting May futures with stops below the recent lows and July 50 cent call spreads.

Before making it to lower ground it appears the indices will need to bust the 20 day MA's which are at 1167 in the S&P, 10775 in the Dow and 1952 in the NASDAQ. We would continue to use the DAX as a leading indicator to help navigate trading US indices. From today's action it does not look like we need to be in a rush to get clients long sugar as buyers remain skittish. We will be buying July and October sugar for clients but it may be closer to 14-15 cents. Cotton was lower by nearly 3% today; the next support in July is seen at the 50 day MA. The July 80 puts are at $1250 as of today. OJ lost 3% today and is approaching a key trend line that has held since mid 2009. If it holds we will be looking to buy for clients if not a trade under $1.20 is likely. Continue to sell long dated futures in 2011

Euro-dollars with stops above the recent highs. The wind was taking out of the bulls sails in corn as the action today erased most of yesterday's losses. What I do like about the movement in corn and soybeans is that we are expected to have the largest soybean crop in history and one of the largest in corn in a half a century and these markets have held their own. Clients are buying July calls in corn and December futures in corn. Ideally we see a trade higher in lean hogs and cattle that will set up a selling opportunity. Inside day in silver which is not a bullish development. Still searching for an $18.50 trade to exit all clients remaining July call options.

Gold has gained for the last 6 consecutive days but we may need a new catalyst to keep this train moving. If we are unable to overcome $1170 in the next few sessions we could see a trade back to $1100...stay alert. The ECB and BoE kept rates as is with the ECB staying at 1.0% and the BoE at 0.50%.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

It's finally happening. Gas producers are starting to crack.

With the natural gas to oil price ratio running at a nearly-unprecedented 21-to-1 ($86.80 per barrel for crude versus $4.12 per mcf for gas), gas producers are throwing in the towel. And switching over to the "dark side". Oil exploration.

Up until now, many die-hard gas producers had been sticking to their guns and continuing to drill gas plays. Particularly shale gas, where producers claimed economics are still attractive. Even at current depressed gas prices.

But times are changing. Last week reports emerged that gas-major Chesapeake Energy has leased 700,000 acres in the Rocky Mountains. The aim? Drilling for oil.

Chesapeake CEO Aubrey McClendon was quoted as saying bluntly, "The economics just compel you to look for oil rather than natural gas right now."

Elsewhere, other gas producers are making similar moves.

Last week, Texas-focused gas producer SandRidge Energy announced a $1.5 billion dollar takeover of oil producer Arena Resources. This comes after SandRidge CEO Tom Ward recently admitted to analysts at a major energy conference that producers can make "10 times the money" drilling oil wells as opposed to natural gas.

Even shale plays are taking on a "wet" flavor. The Eagle Ford shale has become the darling play in America, with most analysts acknowledging its superior economics. The reason? Largely, the liquids that generally come along with gas from Eagle Ford wells. Which fetch oil-like prices (or better).

As gas producers continue to seek oil entry opportunities, there will be steady upward pressure on prices for oil assets (which have already appreciated significantly this year).

There may also come opportunities in purchasing unloved gas properties. But only for those companies with the foresight and financial fortitude to hold on for the months or years until prices turn.

There will be a select few winners from this game. Keep watching this space.

Source: www.oilprice.com/article-gas-producers-go-to-the-dark-side-256.html

By. Dave Forest for Oilprice.com who offer detailed analysis on Crude oil, Geopolitics, Gold and most other Commodities,. They also provide free political and economic intelligence to help investors gain a greater understanding of world events and the impact they have on certain regions and sectors. Visit: www.oilprice.com

Gold Settles $17.00 Higher Today... ($1153.00)

Physical demand and technical buying fueled the Gold market today despite a strong U.S Dollar. The continued demand for gold from the jewelers of India has helped support and rally the gold market of late. Considering the expectations of over one million weddings in India over the next seven weeks the demand should remain high.

Gold traders also gained confidence after the Bank of Japan announced it would keep its interest rates at 0.1%. This helped to fuel gold's rally sending it through key technical resistance levels ($1140.00) and touching off STOP-LOSS Orders creating a buying frenzy that rallied the market through the $1150.00 level. This rally most likely shook out me stubborn "BEAR POSITIONS" .

The European unions debt crisis is alive and well and Has many investors losing confidence in the EURO and preferring "safer haven" investments such as Gold.

The global demand for the yellow metal is the engine driving this rally....

REPORTS: 4/8...
EXPORT SALES...............7:30 am (CST)
INITIAL JOBLESS CLAIMS..7:30 am (CST)

SWING NUMBERS 4/8....JUNE GOLD

RESISTANCE # 2..............$1168.00
RESISTANCE # 1..............$1161.00
PIVOT.............................$1147.00
SUPPORT # 1..................$1140.00
SUPPORT # 2..................$1126.00

Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-775-3014
312-563-8029

*There is extreme risk trading futures, options, and forex*

DATA RELEASES 04/07/10
10:30 AM EIA INVENTORY (CRUDE)
1:00 PM US 10 YEAR NOTE AUCTION

DATA RESULTS 04/06/10
US 3 YEAR NOTE AUCTION ($40B-B/C 3.10; YIELD AWARDED 1.775%)
FOMC MEETING MINUTES-CONTINUED LOW INTEREST RATE POLICY, COMMITTEE SEES SOME IMPROVEMENT, CONTINUED HEADWINDS FROM EMPLOYMENT, HOUSING

US DEBT REVIEW AND OUTLOOK

US Treasuries rebounded on Tuesday's session. Gains were driven early by short covering and renewed interest in holding seemingly secure debt after the recovery plan for the Greek fiscal crisis hit additional snags. Gains drifted away in the later part of the session after the second treasury auction of the week. $40 billion of US 3 year notes were received as a mixed blessing. Bid to Cover was relatively strong at 3.10 but the reception came at a cost of higher yield than expected. The short end of the yield curve received a late day boost from the FOMC meeting minutes. The committee reaffirmed its intention to keep US interest rates low as improvements to the economic picture remain vulnerable to ongoing problems of unemployment/underemployment and the hangover of housing issues as a number of variable mortgages get ready to reset.

WED EARLY CALL-US Treasuries are mostly higher as global risk tolerance drops in the wake of an OECD (Organization for Economic Co-operation and Development) report suggesting that the German Economy-the largest in the Euro zone-is showing vulnerability to a double dip contraction due to the eventual drop in support for the inventory recovery cycle. New demand for goods and services remains uncertain. Expecting mostly quiet trading in Treasuries before today's gauge of demand for longer term debt from US 10 year note auction.

Technically, June 30 year Treasuries are setting up for a test of significant support at 113-29 A break of this level could set market up for test of 113-10. Initial upside appears limited to short covering and should find initial resistance at 114-26, with a break of this level setting up a possible rebound to 115-08.

US EQUITIES REVIEW AND OUTLOOK

Stocks rose cautiously on Tuesday. The major equities received a late day lift from the FOMC minutes which essentially gave the markets further indications that the interest rate training wheels are not ready to come off. This is an example of how combinations of good news and bad news can help to lift equity markets higher. REITS were among the best performing sectors while homebuilders and semiconductors lagged behind in gains. Homebuilders in particular were weak reflecting the concern for home prices and demand as the full effect of the end of the homebuyer tax credit and another wave of resets for variable mortgages are on the way.

EARLY CALL-Stocks are coming lower from the overnight. Primary weakness coming out of Europe after report showing that the German economy-the benchmark for the Euro Zone-may be susceptible to a double dip contraction in export demand appears to be subsiding as US session opens.

Technically, June S&P futures moved higher, testing the next key level of resistance at 1188.00. Market appears overbought and could set up correction to initial level of 1175.75, with support setting up at 1173.50. Resistance sets up at 1193.50, with a break of this level setting up possible move to 1210.00

Prepared by Rich Roscelli & Paul Brittain.
Please voice your market opinions, thoughts and questions to: rich@bvinvstgrp.com
Additional Information can be found at www.whitehallvegas.com

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Whitehall Investment Management, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

June live cattle futures on the Chicago Mercantile Exchange on Monday scored a fresh two-week high of $94.80, as the bulls have re-established a four-month-old uptrend on the daily bar chart. After scoring a contract high of $96.22 on March 19, June live cattle futures had backed off sharply to score a low of $91.50 on March 26. However, the bulls viewed that price dip as a bargain-hunting buying opportunity and prices have posted a strong rally from that level to resume the uptrend.

The next upside price objective for the empowered live cattle market bulls is producing a close above solid chart resistance at the contract high of $96.22. Below that level does lie technical resistance at this week's high of $94.80, at $95.00, $95.35 and then at $96.00. Technical support for June live cattle futures comes in at $93.50, at $93.00, $92.50 and then at $92.00. A close below strong technical support at the last "reaction low" on the daily chart, at $91.50, would produce significant near-term chart damage and negate the aforementioned price uptrend. Stay tuned! Jim Wyckoff

We've had a challenging time trading of late as all seasoned traders sometimes go thru a dry spell. Natural gas may be the first market to turn in our favor, will corn or the S&P be next?

Fresh 2010 highs in Crude oil as prices have gained over $6 in the last 5 sessions. Taking a macro view it appears money is leaving Treasuries and is content moving into riskier assets. Bulls are in the driver seat as we should see a probe of $90/barrel in the coming weeks. Natural gas is back above the 20 day MA having gained almost 5% today and almost 50 cents of its low from Thursday. We are suggesting a small long position in May futures and 50 cent call spreads in July options. In the May contract our upside targets are $4.65, 4.90, and then a gap at $5.07 from February 19th.

Prices in indices are close enough that key levels may be hit (1200 in S&P, 11,000 in Dow and 2,000 in NASDAQ) but we maintain a major leg down is just around the corner. We've yet to move on sugar for clients but we should have some ideas in the coming days. The trend remains down in Treasuries but we think the better risk/reward trade is trading the short end of the yield curve; Euro-dollars. Continue to short 2011 contracts with stops above the recent highs.

Corn eked out a gain as a triple bottom may be in the making. Aggressive traders cover your May shorts, more conservative traders wait for confirmation of a bottom in the coming sessions. We still like the idea of long call options in July and long futures in December. November soybeans were down today but not enough to buy...stay tuned.

Remember to look for an exit on the December KCBOT/CBOT wheat spread when KC trades at a premium. Lean hogs and cattle are in a bull market but we would wait for a trade lower before gaining exposure.

Pullbacks in June gold that can maintain $1115 should be bought with a target of $1155-1165. It would take a move to $18.50 to get filled but we advised clients to put in gtc profit order on their July call spreads in silver. On the May contract use $18 as support and $18.50 as resistance. There are 4 central bank meetings this week so be mindful of that when putting on new or monitoring FX positions this week.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

Mr. Market has cancer and although it seems to be in remission at the moment, it appears that it is complete denial of; the disease, the treatment necessary to rid the disease or hold the line against further progression of the disease. How can we say that? Well, it appears that with the infusion of mass amounts of liquidity the Federal Reserve has helped the market get off life support systems and actually regain some strength. As we have stated in the past, this will work for a time and then another Black Swan event will cause the weakness in the repaired system to give way to chaos. Are we calling for the demise of the system as we know it today? No, we are urging those who are in charge to take off their blinders and finally fix what is wrong in the system.

We fear that much of what is wrong has been inspired by those who are in charge of fixing the system. Mass liquidity led to the last bubble which was a result of trying to avoid a recession. Here we are again at very similar points. A jobless recovery, stagflation and no solution. We have averted a catastrophe but haven't fixed the problem.

We entered this new century after a massive bubble leading us to a high in 2000. Massive liquidity was pumped into the system to avoid a millennium meltdown. From that high the market retreated until 2002-2003 when, it took off, pausing briefly in 2004 consolidating with an upward tilt until 2006, and then like a bird flew skyward until the crack up in 2007 beginning with Bear Stearns and ending with Lehman Bros. Today we are approaching the 0.618% retracement number for the previous 2007 to the low of 2009. Do you think we will correct or go sailing towards the moon without a refueling stop? Better yet, why do you suppose the real-estate bubble followed the high tech bubble and what is the new bubble going to be? Was it the Feds objective to avert a recession that caused the initial bubble, was it the fact that the government wouldn't do anything to avoid the initial bubble and then fueled the housing bubble again refusing to see the bubble. Seriously, we have a problem here and we are not acknowledging that problem nor are we fixing that problem. We certainly don't know how to fix the problem, but we believe the first step in any solution is to acknowledge that a systemic problem exists.

Today, we are back to the "put 3% down" for a purchase of a new house, so what we learned from the housing bubble? While interest rates are low, the banks are not lending money (why lend if you can make the spread without risk). We have learned nothing from the previous melt-down. Shame on us.

Monday: Many markets remain closed for the Easter Holiday and March ISM non manufacturing index is released at 10:00. Tuesday: The FOMC minutes of the recent meet will be released. Wednesday: Consumer credit is released at 3:00. Thursday: Retailers release same store sales, the European Central Bank and the Bank of England issue their interest rate decisions and offer comments regarding their decisions. Friday: March wholesale inventory is release at 10:00.

The US Dollar index enjoyed a rally in the shortened Good Friday session rallying from the low of the session seen at 7:35 to a session high at about 10:05, closing the session just off that high. There was a strange print which, we are sure, was an error at 7:25 or so. Must have been a bad tick, if not, it truly was strange taking the market to 80.52. You might say it was our data source but we have checked more than one source and use more than one source for our charting. There is an important downtrend line at 81.597 that the US Dollar index needs to remove before we will return to the "bullish" posture of the past. The 5-day moving average is at 81.617 and, so long as we are below both that line and the trendline we will remain cautious. It is interesting to note that the 20 moving average is at 81.58. Combine these three numbers; the 5 day moving average, the 20 day moving average and the downtrend line and the number becomes very important. Thus, any move above 81.61 or so should bring buyer into this market. The top of the Bollinger band is at 83.763 and the lower edge is seen at 79.397. The stochastic indicator and the RSI are both issuing a fresh buy-signal. Our own indicator will also issue a buy-signal within a day. The Thomas DeMark Expert indicator is issuing a continued sell-signal and is oversold. We are in the Ichimoku clouds for the daily time-frame and below the clouds for the weekly and monthly time-frames.

The S&P 500 futures contract traded briefly on Good Friday following the March monthly "Job Report" release. This abbreviated session was positive until the final numbers were posted when, a strange thing happened, we saw the numbers adjusted downward without explanation. The session actually closed at 1178.50 and later was posted at 1173.70. We are not sure why therefore, this data skews our chart and makes us question the validity of the indicators that are drawn from these numbers. We can tell you that the S&P 500 closed above the Ichimoku clouds for the daily and the weekly time-frames, but remains below the clouds for the monthly time-frame. The 5-day moving average is at 1167.91. The top of the Bollinger band is at 1182.13 and the lower edge is seen at 1139.13. The Friday session probed to the upside posting another higher high in this bull move. We are still far below the 0.618% retracement level from the 2007 high of the market. When we look at the Market Profile chart we note that we are in single print area with no overhead supply. We should have little trouble making progress to the upside. Should we stall at this level it is likely that we will retreat to the 1164 level and possibly lower to 1132. The market is grossly overbought but has been overbought for months, thus the condition is being noted and probably is of little value at the moment. This will be valuable because the longer we stay overbought the worse the downdraft will be when it begins.

The NASDAQ 100 futures contract which traded briefly in the Friday session actually closed the session at 1962.50 and was adjusted downward at 12:06 PM to 1952. Again we see the downside adjustment with no explanation. Thus, we will not regard this bogus close as factual until some reliable source explains this adjustment. This will affect the moving average and other calculations so take them as possibly needing adjustments. The 5-day moving average is at 1955.61. The top of the Bollinger band is at 1980.64 and the lower edge is seen at 1899.00. Naturally the market is above the Ichimoku clouds on the daily, weekly and even the monthly time-frames. The stochastic indicator and our own indicator both continue to issue a sell-signal. Both the RSI and the Thomas DeMark Expert indicators are going sideways. Even with the adjustment to the closing prices, the NASDAQ 100 did not challenge the highs, or even come close to those levels seen in the Thursday session. The chart looks to be rolling over to the downside. Should this market retreat below 1940.75 the door will be open to 1919 and 1900.

The Russell 2000 on the CQG system was not adjusted as both the S&P 500 and NASDAQ 100 futures contracts were and therefore shows a gain in the Friday shortened session. Strange, it was adjust on e-signal but not on CQG which is the platform we prefer. This chart is forming a wedge, or pennant. It certainly looks as though in about three or four days we will have a resolution to that consolidation. The downtrend line is at 683.90. Should we close below 675.40, expect to visit 664.10. The 5-day moving average is at 681.03. The top of the Bollinger band is at 688.25 and the lower edge is seen at 667.80. We are above the Ichimoku clouds for the daily and weekly time-frames. When looking at the Market Profile chart you will notice that we are at the upper edge of insecurity, should we trade above 690, there will be little resistance and we could melt higher. As to the indicators, we have a mixed bag, with the Thomas DeMark Expert indicator giving us a buy-signal and the RSI and stochastic indicator both going sideways our own indicator is just issuing a sell-signal. So here we are a signal for any mood. This tells us to be careful and alert. On the downside, a move below 660 will inspire the bears to return for a feeding session with support returning at 637.

Crude oil rallied in the Thursday session removing the high seen on January 11, 2010. This tells you that somebody out there believes the recovery story enough to be buying the crude oil that will be needed to supply any kind of global expansion. While it is true that the weakness in the US Dollar seen on Wednesday and Thursday helped, the fact is that crude seems to want to rally. The 5-day moving average is at 81.94. The top of the Bollinger band is at 84.10 and the lower edge is seen at 79.40. Naturally, we are above the clouds for the daily, weekly and monthly time-frames. If we do a Fibonacci retracement from the highs of 2008 we notice that we are not even at the 50% retracement levels and have lots of room to run to the upside. That is bad news for the users of crude oil and for those that see no inflation in the future. The Market Profile charts warn us that should crude oil trade above 85.50 there is little overhead resistance.

Gold is moving to the upside and looks as though it is getting ready for another run to 1133.9 1145.8. All of the indicators that we follow herein are pointing higher with room to the upside. We are above the clouds for all time-frames. The 5-day moving average is at 1104.71. The top of the Bollinger band is at 1135.53 and the lower edge is seen at 1087.37. Gold had broke above the downtrend line and seems to be heading higher. Until we trade above 1145.80, this move will be no more than trading range activity. We continue to bullish gold but will wait to see how it behaves as we approach the overhead resistance levels.

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DATA RESULTS 04/02/10
8:30 AM US NONFARM PAYROLLS (190K/162K)
8:30 AM US UNEMPLOYMENT (9.7 %/9.8%)

DATA RESULTS 04/01/10
US WEEKLY JOBLESS CLAIMS (436 K/440 K)
ISM MANUFACTURING INDEX (59.6/56.3)
US CONSTRUCTION SPENDING (-0.3/-0.0)
EIA INVENTORY-NAT GAS (12 BCF)
US TREASURY AUCTION ANNOUNCEMENT US 3YR ($40B), 10YR ($21B), 10YR TIPS ($18B), 30 YR ($13B)

US DEBT REVIEW AND OUTLOOK

US Treasuries continued their sell off on Thursday and Friday after the US payroll number came in relatively strong, particularly after revisions to the January and February figures boosted the overall job growth and helped to shine a light on potential jumping of points of sustained revenue and job growth (example would be manufacturing)

Treasuries continue to fall in the overall wake of dependence on record levels of sovereign debt supply supporting capital needs for government stimulus (Federal Tax revenues are currently providing only about half of the perceived capital needed to fund current stimulus) Adding in future liabilities such as changes to the US health care systems and the sales pitch for buying Treasury debt will need to be an energetic one at best. Next week will offer some initial value perceptions of Treasury as a safe & long term investment with auctions on US 3, 10, 10 year TIPS, and 30 years. Whether this jobs report is a turning point for the perceived influence of record stimulus remains to be seen, this could be the beginning of new focus for perceived value-the importance of sustainability of revenue both in the US and Globally. This shift in focus may ramp up another level of concern regarding the effectiveness of sovereign debt as a risk reward tool.

Technically, June 30 year Treasuries have move back down to test the low end of its range at 114-28. Continued downside momentum may set up test of 114-18. Market appears uncertain of breaking out of recent trading range and should continue to form a range based on the formation of lower lows. Initial recovery should take place with market supported by possible recovery back up to 115-09.

US EQUITIES REVIEW AND OUTLOOK

Equity futures posted stronger gains by the end of the week as the US employment data posted the best jobs gains in nearly three years. With the cash stock markets closed around the world for the Good Friday Holiday, it won't be until next week that market participants will be able to digest the data completely. The positive sentiment may have some more carry through as some many will be viewing the moment to moment action on their new Apple I Pads, which officially goes on sale Saturday.

Thursday as global risk sentiment received a shot in the arm. China, Great Britain, and the US had better than expected reports on manufacturing to boost risk tolerance. A better than expected reading on US weekly jobless claims also helped to boost risk tolerance

Thursday: Technically, June S&P futures outlook remains the same- a degree of cautious optimism that remains vulnerable to selling into strength for the time being-though expecting an upward bias for early part of this week. Market should retest 1173.00 resistance levels; with 1178.00 and 1183.00 as near term top of range. 1156.75 should remain as a strong support.

Friday: June S&P futures closed at 1178.00, the second tier of resistance. Continued momentum should set up test of 1183.00, though a pullback to 1168.00 appears likely.

Prepared by Rich Roscelli & Paul Brittain.
Please voice your market opinions, thoughts and questions. Email to: rich@binvstgrp.com

Additional Information can be found at www.whitehallvegas.com

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Whitehall Investment Management, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

There has been plenty of news this week to help fuel this rally of the precious metals.
The European Union had announced through a joint effort with the (IMF) International Monetary Fund they would assist Greece financially in an effort to help stabilize there economy. This action sent a boost of confidence to the Euro states and the Euro Dollar.
The Euro gained some ground versus the U.S Dollar in turn making the appeal for Gold higher. However, the European States are far from being out of the woods as several other Euro states are thought to be having fiscal debt crises of their own including Portugal, Spain, Ireland and Italy. This scenario will continue to affect Gold. The recent U.S dollar weakness has enabled Greece to sell their debt in order to get their fiscal house in order. The weaker U.S Dollar has produced heavy Gold buying from the European States.

The ADP report also helped fuel the rally this week as they released data that indicated U.S companies unexpectedly CUT payrolls in the month of March. The prediction was for
a GAIN of 40,000 jobs instead the report revealed a LOSS of 23,000. ADP basis its report from over 300,000 companies and 22 million payrolls.

U.S Jobless Claims decreased by 6,000 to 439,000 Americans filing for first time unemployment benefits, Since December 2007 over 8 million Americans have lost jobs.

The (WGC) World Gold Council announced the Chinese Gold production would run out in six years... They are the world's largest producers of Gold and are having trouble supplying the over whelming demand from its citizens....

The demand from the Asian sector remains brisk. With the jewelers of India buying to meet the demand of a predicted one million weddings during the months of April and May. The brides of India wear gowns laced and covered in Gold ornaments. The gifts of choice presented to the wedding couple are also made of Gold. It is said that 12% of all gold ever refined is in the households of India....

The suicide bombing in Moscow earlier in the week that caused the death of 36 people also spurred Gold demand as investors appeal for hard assets heightens during international uncertainty. This is especially true in countries producing oil.

Silver traded $18.00 per ounce as it was aided by the Gold rally and the U.S Dollar weakness. So far this week Gold has made a two week high and flirted with the 1130.00 level. This level has proven extremely tough for Gold to maintain. A shutdown of a smelter in the world's third largest platinum producer Lonmin has pushed platinum to its highest levels since August 2008 and palladium to its highest level since March 2008.
Global demand for all precious metals is extraordinary.

HOWEVER: ALL THIS CAN CHANGE TOMORROW as the World investors wait to decipher tomorrows (FRIDAY April 2nd) UNEMPLOMENT DATA....This data will give the FOMC an indication on whether to RAISE or maintain the presently low interest rates....

Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-775-3014
312-563-8029

*There is EXTREME risk trading futures, options, and forex*

There were very few traders at work by afternoon trade so we will keep this short and sweet...

The first day of the quarter and the first day of the month was a large success for the bulls, but it was also April Fool's day. Perhaps tomorrows holiday release of the monthly employment report will determine the market's fate. As you know, we have been wrong for the last 40 or so points of this rally but countless long and hard looks at the evidence makes it difficult to be a bull at these prices. Accordingly, it seems like being a very picky bear might be a better play.

This means waiting for rallies to significant resistance areas before entering and being willing to take quick profits. We still believe that this market will have to give a substantial amount of this rally back but it is impossible to determine when and where it will happen.

Be careful tomorrow, the pits are closed and the electronic futures will be closed at 8:15 Central...this is just enough time for the markets to react to the data.

Coming into the session we were looking for resistance at 1177 in the S&P and it held nicely but that doesn't mean that we can't see 1184 on the numbers in the morning. That said, we feel like the market might be running out of bullets and the charts are telling us that 1184 will be tough to break (and hold).

If you are following our short option trading, we advised our clients to roll out any of the remaining short April 1185 calls into the May 1215 calls for a small credit. This moves the risk away from the market and lowers the delta considerably.

Good luck and enjoy the holiday weekend!

* Due to time constraints and our fiduciary duty to put clients first, the charts provided in this newsletter may not reflect the current session data. However, market analysis and commentary does. Charts provided by Track 'n Trade, Gecko software.

**Seasonality is already be factored into current prices, any references to such does not indicate future market action.

Please note: A mini S&P chart is used because it is better for charting purposes, but trade recommendations can be applied to either the full-sized S&P or the mini. Unless otherwise noted, profit and loss will be based on the mini version.

S&P 500 Futures and Options Trading Recommendations

**There is unlimited risk in naked option selling and futures trading

Position Trade -

February 19 - Our clients were advised to sell the April 1165 calls for about $7.50, fills were coming in near $7.25 and a handful at $7.50.

March 5 - Clients with ample margin and guts, were recommended to add to this position by selling the 1165 calls for $9.50.

March16 - Clients were advised to roll half of their short call position into the April 1185/1100 strangle.

March 17 - Clients were advised to roll the remaining 1165 calls into the May 1190 calls to give the market some breathing room.

March 31 - Clients were advised to buy back the short 1100 puts for $1.75 in premium

April 1 - Clients were recommended to roll any existing April 1185 calls into the May 1215 calls for a small credit (about .50). This moves the risk away from the market and lowers the delta considerably.


Russell Futures and Options Trading Recommendations

**There is unlimited risk in naked option selling and futures trading

Position Trade -

March 9 - Sell 1 June mini Russell @ 682 OB

Please note: A mini-NASDAQ chart is used because it is better for charting purposes, trade recommendations will denote whether a mini or full sized contract should be used.
NASDAQ Futures and Options Trading Recommendations

**There is unlimited risk in naked option selling and futures trading

Position Trade -

March 3 - Sell 1 e-mini NASDAQ at 1878 or better

Carley Garner
Senior Analyst / Commodity Broker
DeCarley Trading
cgarner@DeCarleyTrading.com
1-866-790-TRADE
Local : 702-947-0701

http://www.DeCarleyTrading.com
http://www.ATradersFirstBookonCommodities.com

*Due to the volatile nature of the futures markets some information and charts in this report may not be timely.

There is substantial risk of loss in trading futures and options.

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.