Crude Oil Closes Above $70

With no economic news
scheduled for release today or tomorrow the bond
market got off to a slow start to the week. Treasuries rose modestly, causing
yields to ease back from multi-year highs set last week.

The Dollar rose against the Yen, GBP and Swiss Franc but closed virtually flat
against the Euro. The Aussie continued its impressive run versus the Yen and
rose against the US Dollar.

Crude Oil Continues To Climb

June Crude Oil closed at a new
contract high of $70.11 as traders reacted to weekend reports of a possible
military strike against Iran. The first US Oil ETF began trading on AMEX today
under the ticker symbol (USO). The fund tracks the price of West Texas
Intermediate crude oil futures, as traded on NYMEX.

Unleaded and Natural Gas also rose today but the biggest gainer on a percentage
basis was Heating Oil, which also closed at a new contract high.

Gold closed above $600 an ounce, boosted by inflation worries. Silver jumped
more than 4% and Copper gapped up to yet another new all-time high.

All the softs declined, with Cocoa leading the way. Cocoa hit a one-month low
after falling 3.88%, Orange Juice fell 3.27%, Cotton fell 1.43% and Lumber fell

The grains were mixed. Wheat was the best performer, rising 2.78%. All the meats
closed lower.

Economic News

No economic news today.

Ashton Dorkins

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