The Hightower Report - Opening Calls

07/02/2009

Bonds +50 Sugar -22 Beans -15.0 Crude -126
S&P 500 -6.2 Cotton +0 Meal -4.6 Unleaded -376
Dow -49 Cocoa -18 Soyoil -4.1 Heat -340
Yen -15 Coffee -30 Corn -4.3 Nat Gas -62
Euro -84     Wheat -2.5    
Swiss -80         Gold -7.70
Canada -29     Cattle -30 Silver -29.00
Pound -86     Hogs +40 Platinum -171.0
Dollar +490         Copper -460

DAILY MARKET SUMMARY
STOCKS: Will need help from Jobs data or see significant correction today
BONDS: A rally off weak employment likely temporary in face of big Government debt sale
CURRENCIES: $ needs employment report to confirm surfacing macro economic doubts
COPPER: Short term news turning sour and need US surprise or more down
METALS: Those holding long positions should seek long put protection
CATTLE: Weak beef prices belie strong tech action
HOGS: Lower weights improve fund outlook, but pork prices still drag
BEANS: Exports or outside markets could boost the complex, but we doubt it.
CORN: Zero deliveries may support July corn but that's all the support we see.
WHEAT: Wheat may be out of sellers for the week, but trend remains down.
ENERGY: Will need a very bullish economic surprise to shift control away from the bears
COTTON: Enough eager fund traders and not enough sellers; more up ahead
COFFEE: Brazil exports in June high enough to pressure cash ahead of harvest
SUGAR: With world production deficit, minor crop issues in India to support
COCOA: Both the currency and technical action point to more weakness