The Hightower Report - Opening Calls

03/11/2010

Bonds -110 Sugar +16 Beans -2.5 Crude +8
S&P 500 Cotton -46 Meal -5.0 Unleaded -19
Dow -25 Cocoa -4 Soyoil -26.0 Heat +34
Yen -20 Coffee +5 Corn -0.3 Nat Gas -23
Euro +6     Wheat -1.5    
Swiss +10         Gold -2.20
Canada -1     Cattle -10 Silver -6.80
Pound +66     Hogs +5 Platinum -4.4
Dollar -6         Copper -45

DAILY MARKET SUMMARY
STOCKS: We would take a lot of direction from US claims figures
BONDS: Just enough economic optimism and supply to give the bears control
CURRENCIES: A slight increase in risk interest lifts C$, Euro and Pound
COPPER: A little more corrective action ahead but the bulls still have a case
METALS: Gold and silver seem to be out of sync with outside market action
CATTLE: Still overbought and in need of correction; August back to 89.30
HOGS: Choppy to lower trade ahead with hefty weights and weaker packer demand
BEANS: USDA report to set tone today; massive S America crop to absorb
CORN: Corn could be due for a bounce, but this should be short lived.
WHEAT: Downtrend gaining a bit of momentum. Need a bullish surprise to rally.
ENERGY: Overbought, will need positive macro economic view to avoid profit taking
COTTON: The USDA report was mildly supportive, not enough to change direction.
COFFEE: Tightening exchange stocks and bullish technical action; more up
SUGAR: India washouts getting priced-in; new buyers to form support soon
COCOA: Supportive currency action could inspire a more significant recovery