Treasuries Accelerate–Here’s Why

BOND MARKET RECAP

5/31/2005

June Bonds finished up 1-01 at 117-15, 0-05 off
the high and 0-23 up from the low.

June 10 Yr Treasury Notes finished up 0-070 at
112-270, 0-060 off the high and 0-025 up from the low.

The treasury market didn’t even hesitate in
the wake of the French “no” vote on the EU Constitution. In fact, the Treasuries
started the session out strong and simply accelerated the strength in the wake
of conflicting US scheduled economic reports. Apparently the trade was willing
to embrace the soft Chicago Purchasing Managers data over the positive Consumer
Confidence readings. We also think that overt early weakness in the US equity
market gave the Bond bulls an added advantage. Some traders even suggested that
rumors of more troubles within the US auto sector inspired flight to quality
buying in Treasuries in a manner similar to the EU flight to quality buying
posted overnight.

Technical Outlook

BONDS (JUN) 06/01/2005: A new contract high was
made on the rally. The crossover up in the daily stochastics is a bullish
signal. Momentum studies are trending higher but have entered overbought levels.
The major trend could be turning up with the close back above the 18-day moving
average. The market has a bullish tilt coming into today’s trade with the close
above the 2nd swing resistance. The next upside objective is 118-19. The market
is becoming somewhat overbought now that the RSI is over 70. The next area of
resistance is around 118-08 and 118-19, while 1st support hits today at 117-00
and below there at 116-02.

TNOTES (JUN) 06/01/2005: Momentum studies are
trending lower from high levels which should accelerate a move lower on a break
below the 1st swing support. The market now above the 18-day moving average
suggests the longer-term trend has turned up. There could be more upside follow
through since the market closed above the 2nd swing resistance. The next
downside objective is now at 112-170. The next area of resistance is around
113-045 and 113-085, while 1st support hits today at 112-250 and below there at
112-170.

 

STOCK INDICES RECAP

5/31/2005

June S&P finished down 7.4 at 1192.8, 6.1 off the
high and 1.1 up from the low.

June S&P E-Mini closed down 7.5 at 1192.75. This
was 1.25 up from the low and 9.25 off the high.

June Dow closed down 71 at 10480. This was 15 up
from the low and 70 off the high.

The stock market certainly appeared to be in a
profit taking mode on Tuesday and with the significant contraction in the
Chicago Midwest purchasing managers Index we can understand the renewed concerns
toward the US auto sector. We suspect that slightly lower Oil prices dampened
the slide in prices but with the Dollar rising sharply some multinational
company’s might be fearful of a future charge against earnings off currency
issues. It is also possible that an airplane crash in New Jersey shortly after
the opening facilitated the initial weakness off a misguided terrorism concern.
With Boeing and Airbus exchanging legal blows in front of the WTO it is possible
that some players fear protectionism fears and that could have dampened investor
sentiment at the start of the week.

Technical Outlook

S&P 500 (JUN) 06/01/2005: Momentum studies are
trending higher but have entered overbought levels. The cross over and close
above the 18-day moving average is an indication the longer-term trend has
turned positive. There could be some early pressure today given the market’s
negative setup with the close below the 2nd swing support. The next upside
target is 1201.40. The next area of resistance is around 1196.70 and 1201.40,
while 1st support hits today at 1189.50 and below there at 1187.00.

SP EMINI (JUN) 06/01/2005: Studies are showing
positive momentum but are now in overbought territory, so some caution is
warranted. The major trend could be turning up with the close back above the
18-day moving average. The outside day down and close below the previous day’s
low is a negative signal. There could be some early pressure today given the
market’s negative setup with the close below the 2nd swing support. The
near-term upside target is at 1205.25. The next area of resistance is around
1198.00 and 1205.25, while 1st support hits today at 1187.50 and below there at
1184.25.

NASDAQ (JUN) 06/01/2005: The daily stochastics
gave a bearish indicator with a crossover down. Momentum studies trending lower
from overbought levels is a bearish indicator and would tend to reinforce lower
price action. The cross over and close above the 18-day moving average indicates
the longer-term trend has turned up. The swing indicator gave a moderately
negative reading with the close below the 1st support number. The next downside
objective is now at 1533.00. The 9-day RSI over 70 indicates the market is
approaching overbought levels. The next area of resistance is around 1552.00 and
1559.00, while 1st support hits today at 1539.00 and below there at 1533.00.

 

CURRENCY MARKET RECAP

5/31/2005

June US Dollar finished up 139 at 8780, equal to
the high and 98 up from the low.

June Euro finished down 2.84 at 123.06, 0.67 off
the high and 0.07 up from the low.

June Euro Dollar closed up 0.0025 at 96.58. This
was 0.0025 up from the low and 0.005 off the high.

June Canadian Dollar closed up 0.01 at 79.76.
This was 0.52 up from the low and 0.22 off the high.

June British Pound finished down 0.57 at 181.66,
0.79 off the high and 0.08 up from the low.

June Swiss closed down 1.2 at 80.14. This was
0.03 up from the low and 0.38 off the high.

June Japanese Yen closed down 0.5 at 92.27. This
was 0.03 up from the low and 0.67 off the high.

The French vote set the table for a sharp rise
and in retrospect it would seem like long term technical action gave the Dollar
an additional lift. It might have been possible to reverse some of the early
gains in the Dollar off the disjointed US economic readings but the market would
have nothing of bearish information toward the Dollar or bullish information for
the Euro. On the other hand, the EU also floated some weak consumer and business
survey readings and that seemed to facilitate the selling in the Euro. With the
Dutch vote looming overnight it is clear that few players were willing to pick a
bottom in the Euro ahead of the second referendum.

Technical Outlook

YEN (JUN) 06/01/2005: Daily stochastics declining
into oversold territory suggest the selling may be drying up soon. The market
back below the 18-day moving average suggests the longer-term trend could be
turning down. The outside day down is somewhat negative. There could be some
early pressure today given the market’s negative setup with the close below the
2nd swing support. The next downside objective is 91.73. The 9-day RSI under 30
indicates the market is approaching oversold levels. The next area of resistance
is around 92.61 and 93.13, while 1st support hits today at 91.92 and below there
at 91.73.

EURO (JUN) 06/01/2005: A bearish signal was
triggered on a crossover down in the daily stochastics. Momentum studies are
still bearish but are now at oversold levels and will tend to support reversal
action if it occurs. The major trend has turned down with the cross over back
below the 18-day moving average. More selling pressure is likely given
yesterday’s gap lower price action on the day session chart. The defensive
setup, with the close under the 2nd swing support, could cause some early
weakness. The next downside objective is now at 122.47. The market is
approaching oversold levels on an RSI reading under 30. The next area of
resistance is around 123.43 and 123.95, while 1st support hits today at 122.69
and below there at 122.47.

 

PRECIOUS METALS RECAP

5/31/2005

June Gold closed down 3.5 at 416.3. This was 3.1
up from the low and 0.7 off the high.

July Silver finished up 0.142 at 7.452, 0.048 off
the high and 0.292 up from the low.

 

With the Dollar rising sharply it was not
surprising that the gold market came under significant early selling pressure.
However, it was a little surprising that the gold market managed to recoil away
from some of the losses despite the Dollar holding a large portion of its gains.
Even more surprising is the persistent strength in the silver market in the face
of weakness in gold prices. Apparently the ETF rumors in silver is attracting
investment in silver and in a sense is taking the silver focus away from the
gold and the Dollar action. The action is silver could be signaling an important
shift away from the partial deflationary tilt of the last 6 months.

Technical Outlook

SILVER (JUL) 06/01/2005: Rising stochastics at
overbought levels warrant some caution for bulls. The major trend could be
turning up with the close back above the 18-day moving average. The outside day
up is somewhat positive. The market has a bullish tilt coming into today’s trade
with the close above the 2nd swing resistance. The next upside objective is
773.1. The market is approaching overbought levels with an RSI over 70. The next
area of resistance is around 762.2 and 773.1, while 1st support hits today at
728.3 and below there at 705.1.

GOLD (JUN) 06/01/2005: Daily stochastics are
showing positive momentum from oversold levels, which should reinforce a move
higher if near term resistance is taken out. The market back below the 18-day
moving average suggests the longer-term trend could be turning down. More
selling pressure is likely given yesterday’s gap lower price action on the day
session chart. There could be some early pressure today given the market’s
negative setup with the close below the 2nd swing support. The near-term upside
objective is at 419.5. The next area of resistance is around 418.2 and 419.5,
while 1st support hits today at 414.4 and below there at 411.9.

 

COPPER MARKET RECAP

5/31/2005

June Copper closed up 1.90 at 150.50. This was
4.00 up from the low and equal to the high.

The copper market forged a massive trading range
on Tuesday to start the US week out but in the end the market managed to reject
early weakness. Some traders suggested that significant strength in the Dollar
fostered the early selling but in the end buyers surfaced and altered the weak
trend in prices. Apparently copper players are willing to look on the positive
side of things as significant strength in the Dollar and weakness in equity
prices could have justified keeping copper prices under pressure. On the other
hand it would seem like the copper market continues to look to tightening LME
copper stocks as a sign that the “tightness” lives on.

 

ENERGY MARKET RECAP

5/31/2005

July Crude Oil closed up 0.12 at 51.97. This was
1.07 up from the low and 0.08 off the high.

July Heating Oil closed up 0.31 at 144.95. This
was 3.15 up from the low and 1.05 off the high.

July Unleaded Gas finished down 0.70 at 146.70,
0.65 off the high and 2.60 up from the low.

July Natural Gas finished up 0.01 at 6.38, 0.01
off the high and 0.12 up from the low.

July Propane closed down 0.01 at 0.79. This was
equal to the low and equal to the high.

The crude oil market opened weaker but didn’t
seem to exhibit significant downside mentality during the session Tuesday. It
would seem that many OPEC members are inclined to hold production steady in the
June 15th meeting and that is a slightly less hawkish stance than was present at
times last week. However, later in the session Tuesday Venezuela suggested that
OPEC should cut or maintain production levels and that seemed to provide some
support. Also during the session Tuesday were suggestions from Japan that they
would increase their June oil Imports and that China would lower their oil
exports because of rising domestic oil demand. Therefore, it would seem that
last weeks mostly bullish track toward demand is still alive in the new week.

Technical Outlook

CRUDE OIL (JUL) 06/01/2005: Momentum studies are
rising from mid-range, which could accelerate a move higher if resistance levels
are penetrated. The cross over and close above the 18-day moving average
indicates the longer-term trend has turned up. The upside closing price reversal
on the daily chart is somewhat bullish. The close over the pivot swing is a
somewhat positive setup. The next upside target is 52.87. The next area of
resistance is around 52.54 and 52.87, while 1st support hits today at 51.40 and
below there at 50.58.

UNLEADED (JUL) 06/01/2005: Stochastics are at
mid-range but trending higher, which should reinforce a move higher if
resistance levels are taken out. The cross over and close above the 18-day
moving average indicates the longer-term trend has turned up. The market’s close
below the pivot swing number is a mildly negative setup. The next upside target
is 149.46. The next area of resistance is around 148.32 and 149.46, while 1st
support hits today at 145.08 and below there at 142.97.

HEATING OIL (JUL) 06/01/2005: Stochastics are at
mid-range but trending higher, which should reinforce a move higher if
resistance levels are taken out. The cross over and close above the 18-day
moving average indicates the longer-term trend has turned up. The daily closing
price reversal up on the daily chart is somewhat positive. The market has a
slightly positive tilt with the close over the swing pivot. The next upside
objective is 148.62. The next area of resistance is around 147.04 and 148.62,
while 1st support hits today at 142.85 and below there at 140.23.

 

CORN MARKET RECAP

5/31/2005

July Corn finished up 3/4 at 222, 5 1/2 off
the high and 2 1/4 up from the low. December Corn closed up 1/2 at 239 1/4. This
was 2 up from the low and 5 3/4 off the high.

The market factored the scattered chances of rain
in the eastern cornbelt for the coming weekend early in the session but then
balanced attitudes because of better chances of rains in coming forecasts.
Changes in the near term weather forecasts are likely to have a significant
impact on prices this week, as many areas of central Illinois have had no rain
for a week and are still holding significant moisture deficits for the season.
Crops are expected to begin to show signs of crop stress soon and traders will
monitor the weekly crop progress reports closely over the near-term. New export
news is slow and the surge higher in the Dollar to the highest level since
October is seen as a negative development for the exporter. Corn might also have
sagged under news that Mexican corn production for the coming year might be 8.3%
above last year. For the weekly export inspections report, corn exports were
31.1 million bushels as compared with trade expectations near 23-28 million.
Cumulative exports have reached 63% of the USDA forecast for the season as
compared with 70.6% on average for this time of the year. July corn resistance
comes in at 227 1/2, with support at 219 3/4 and 218 1/2.

Technical Outlook

CORN (JUL) 06/01/2005: Daily stochastics have
risen into overbought territory which will tend to support reversal action if it
occurs. The market now above the 18-day moving average suggests the longer-term
trend has turned up. The market has a slightly positive tilt with the close over
the swing pivot. The near-term upside target is at 230 1/2. The next area of
resistance is around 225 3/4 and 230 1/2, while 1st support hits today at 218
1/4 and below there at 215 1/4.

 

SOY COMPLEX RECAP

5/31/2005

July Soybeans finished up 12 1/2 at 680 1/4, 5
3/4 off the high and 8 1/4 up from the low. November Soybeans closed up 14 at
682. This was 8 1/2 up from the low and 4 off the high.

July Soymeal closed up 6 at 214.7. This was 3.7
up from the low and 0.8 off the high.

July Soybean Oil finished down 0.11 at 23.15, 0.7
off the high and 0.08 up from the low.

Disappointing rainfall totals over the weekend in
Illinois and Indiana supported the early surge higher but the market was unable
to hold all the gains into the close because of the forward weather look. While
Effingham Illinois had 3/4 of an inch over the weekend, areas like Champaign and
Decatur Illinois had no rain and while there were 3 rain events for the weekend
in parts of central Indiana, the totals for each area only measured in the
hundredths of an inch. Traders believe that the crop is already beginning to
show signs of some moisture stress in some areas and after scattered chances of
rain over the eastern cornbelt on the coming weekend (June 4th-June 5th),
traders are keying in on the need for a good rain. Therefore, with a predicted
rain making system in the forecast for June 8th time frame the market is already
coming into a critical weather junction. The short-term overbought condition of
the market and a surge higher in the US Dollar are factors which might limit
additional gains. For the weekly export inspections report, soybean exports were
9.99 million bushels as compared with trade expectations near 6-10 million.
Cumulative exports have reached 98.2% of the USDA forecast for the season as
compared with 88.2% on average for this time of the year. Resistance for July
soybeans comes in at 687 and 694 with 663 and 649 as support.

Technical Outlook

BEANS (JUL) 06/01/2005: Daily stochastics have
risen into overbought territory which will tend to support reversal action if it
occurs. The cross over and close above the 18-day moving average is an
indication the longer-term trend has turned positive. Since the close was above
the 2nd swing resistance number, the market’s posture is bullish and could see
more upside follow-through early in the session. The next upside target is 693
1/2. The market is becoming somewhat overbought now that the RSI is over 70. The
next area of resistance is around 687 1/4 and 693 1/2, while 1st support hits
today at 673 1/4 and below there at 665 3/4.

MEAL (JUL) 06/01/2005: Rising stochastics at
overbought levels warrant some caution for bulls. The market now above the
18-day moving average suggests the longer-term trend has turned up. If
yesterday’s gap higher on the day session chart holds, additional buying could
develop this session. There could be more upside follow through since the market
closed above the 2nd swing resistance. The next upside target is 218.4. The
market is approaching overbought levels with an RSI over 70. The next area of
resistance is around 216.9 and 218.4, while 1st support hits today at 212.5 and
below there at 209.5.

BEANOIL (JUL) 06/01/2005: The upside crossover of
the 9 & 18 bar moving average is a positive signal. Positive momentum studies in
the neutral zone will tend to reinforce higher price action. The cross over and
close above the 18-day moving average is an indication the longer-term trend has
turned positive. The outside day down is somewhat negative. The market’s close
below the pivot swing number is a mildly negative setup. The next upside target
is 24.08. The next area of resistance is around 23.54 and 24.08, while 1st
support hits today at 22.76 and below there at 22.53.

 

WHEAT MARKET RECAP

5/31/2005

July Wheat finished down 3 1/4 at 331 3/4, 9 1/4 off the high
and 3 1/4 up from the low. December Wheat closed down 4 at 350 1/4. This was 2
3/4 up from the low and 9 3/4 off the high.

After moving to the highest level since late
March, the close lower on the day turns chart picture a bit negative. Scattered
rains across the plains in the next few days may slow harvest in the southern
plains, but it could also help improve crop conditions in the central and
northern hard red winter wheat belt. A lack of rain in the 7-day outlook for
eastern Australia has provided underlying support, as producers have still not
seen enough rain to plant the crop. They generally will not plant after June.
For the weekly export inspections report, wheat exports were 20.7 million
bushels as compared with trade expectations near 16-21 million. Cumulative
exports have reached 102.1% of the USDA forecast for the season as compared with
97.7% on average for this time of the year. The surge higher in the US dollar
makes US wheat less competitive on the world market, helping to pressure the
market. July wheat resistance comes in at 335 and 337 3/4 with 326 1/4 and 321
3/4 as support.

Technical Outlook

WHEAT (JUL) 06/01/2005: Rising stochastics at
overbought levels warrant some caution for bulls. The major trend could be
turning up with the close back above the 18-day moving average. The outside day
down is a negative signal. It is a slightly negative indicator that the close
was lower than the pivot swing number. The next upside objective is 345 3/4. The
next area of resistance is around 338 and 345 3/4, while 1st support hits today
at 325 1/2 and below there at 320 3/4.

 

LIVE CATTLE RECAP

5/31/2005

June Live Cattle finished up 0.35 at 85.42, 0.17
off the high and 0.62 up from the low.

August Feeder Cattle closed up 1.22 at 112.67.
This was 1.87 up from the low and 0.07 off the high.

An outside reversal day provides an improved
technical picture for August cattle, particularly after last week’s gap lower.
The trade took some encouragement from reports that South Korean veterinary
experts are to visit with US counterparts to discuss safeguards against mad cow
disease, a move that is seen as strong progress in reestablishing beef sales to
that country. At mid-session, boxed beef cutout values were down $0.30 on the
day to $149.41 as compared with $155.47 one week ago. Slaughter came in at
122,000 head as compared with trade expectations of 120,000-126,000 head.

Technical Outlook

CATTLE (JUN) 06/01/2005: The major trend could be
turning up with the close back above the 60-day moving average. The crossover up
in the daily stochastics is a bullish signal. Daily momentum studies are on the
rise from low levels and should accelerate a move higher on a push through the
1st swing resistance. The close under the 18-day moving average indicates the
longer-term trend could be turning down. The market has a slightly positive tilt
with the close over the swing pivot. The next upside objective is 86.100. The
next area of resistance is around 85.820 and 86.100, while 1st support hits
today at 85.020 and below there at 84.520.

 

LEAN HOGS RECAP

5/31/2005

June Lean Hogs finished down 0.25 at 72.00, 0.60
off the high and 0.15 up from the low.

August Pork Bellies closed down 2.52 at 68.22.
This was 0.42 up from the low and 2.52 off the high.

July hogs’ failure to hold a push above 72.00
which brought on profit taking after last week’s price gains. The market is
looking for firmer cash prices this week, but Peoria hogs on Tuesday traded
steady at $46 per cwt. Also, estimated packer profit margins have fallen to
$0.65 per head Tuesday vs $2.00 last week. The CME 2-Day Lean Index for the
period ending May 26th came in at 76.29, down 1.27 from the previous day.
Estimated hog slaughter came in at 392,000 head versus trade guesses ranging
from 380,000 to 388,000 head. The stronger than expected slaughter might mean
packers are more optimistic about profit margins than traders have been.

Technical Outlook

HOGS (JUN) 06/01/2005: The stochastics indicators
are rising from oversold levels, which is bullish and should support higher
prices. The major trend has turned down with the cross over back below the
18-day moving average. The downside closing price reversal on the daily chart is
somewhat negative. The market has a slightly positive tilt with the close over
the swing pivot. The next upside target is 72.850. The next area of resistance
is around 72.370 and 72.850, while 1st support hits today at 71.650 and below
there at 71.370.

 

COCOA MARKET RECAP

5/31/2005

July Cocoa finished up 10 at 1422, 3 off the high
and 7 up from the low.

About the most the bull camp can expect in cocoa
is to see the bears discouraged or simply exhausted. Certainly the persistent
rise in the Dollar is damaging the potential for a bottom in cocoa and until
there is a least a flicker of supply concern one has to leave control with the
bear camp. Some Press reports are attempting to play up the idea that low
arrivals and low prices might end up bringing less cocoa supply to the market
but the market might need more uncertainty than that to turn the tide of selling
around. Furthermore, we suspect that the positioning in the last COT report sent
a message to many traders that the market has yet to reach a totally liquidated
positioning.

Technical Outlook

COCOA (JUL) 06/01/2005: Momentum studies are
declining, but have fallen to oversold levels. The close under the 18-day moving
average indicates the longer-term trend could be turning down. The market setup
is supportive for early gains with the close over the 1st swing resistance. The
next downside target is now at 1411. The next area of resistance is around 1427
and 1431, while 1st support hits today at 1417 and below there at 1411.

 

COFFEE MARKET RECAP

5/31/2005

July Coffee closed down 3.55 at 118.35. This was
1.10 up from the low and 2.15 off the high.

July coffee was pressured back under support at
120 as good harvest weather in Brazil and month end book squaring triggered
speculative selling. The COT report with options showed speculators held a
combined net long position of over 25,800 contracts as of May 24th. While the
market is correcting from last week’s rally, the downside could be limited by
concerns of drought conditions in Vietnam and the approach of winter in Brazil.
July coffee should find support at 116.50. Brazil’s government announced the
next coffee auction for June 10th with a planned 10,000 bag sale. Ivory Coast
coffee bean exports between Oct and April are down over 2% from the same period
the previous season.

Technical Outlook

COFFEE (JUL) 06/01/2005: Momentum studies are
trending higher from mid-range, which should support a move higher if resistance
levels are penetrated. The market back below the 18-day moving average suggests
the longer-term trend could be turning down. More selling pressure is likely
given yesterday’s gap lower price action on the day session chart. The market is
in a bearish position with the close below the 2nd swing support number. The
near-term upside objective is at 121.85. The next area of resistance is around
119.95 and 121.85, while 1st support hits today at 116.75 and below there at
115.40.

 

SUGAR MARKET RECAP

5/31/2005

July Sugar closed up 0.01 at 8.76. This was 0.05
up from the low and 0.03 off the high.

A slow post holiday trade kept July sugar in a
narrow trading range Tuesday with prices contained within Friday’s ranges. July
sugar is finding technical resistance around the 8.80 area and a push through
this level would put next resistance at 8.87. Weaker energy prices may have also
been a limiting factor on Tuesday. Short-term technicals have risen to over
bought levels and with out new physical cash business, there could be some
profit taking this week. A major sugar merchant reported that a sharp drop in
freight rates since April has stimulated cash sugar business. Reuters also
reported that ED & F Man lowered their 2004/05 world sugar deficit projection by
800,000 tonnes to 3.2 million tonnes. Support for July sugar comes in at 8.70
then 8.60.

Technical Outlook

SUGAR (JUL) 06/01/2005: Studies are showing
positive momentum but are now in overbought territory, so some caution is
warranted. The cross over and close above the 18-day moving average indicates
the longer-term trend has turned up. The close over the pivot swing is a
somewhat positive setup. The next upside target is 8.83. The next area of
resistance is around 8.79 and 8.83, while 1st support hits today at 8.72 and
below there at 8.68.

 

COTTON MARKET RECAP

5/31/2005

July Cotton finished down 1.79 at 48.64, 1.31 off
the high and 0.14 up from the low.

A major gap down move the cotton market appears
to be mostly related to the Dollar rise and with the small spec camp coming
under pressure we have to think that more downside action will be seen in the
sessions ahead. The cotton market held a net spec long position in excess of
26,000 contracts we can’t argue with additional stop loss selling in the coming
sessions. We also think that cotton prices were under additional pressure
because of the Chinese move to end the textile tariff that China appeared to
implement as a token effort at improving trade relations with the US. In other
words, the prospect a trade war might be increasing and with the chance some
players are concerned that lofty exports to China might be down graded.

Technical Outlook

COTTON (JUL) 06/01/2005: Daily stochastics
declining into oversold territory suggest the selling may be drying up soon. The
major trend has turned down with the cross over back below the 18-day moving
average. More selling pressure is likely given yesterday’s gap lower price
action on the day session chart. The defensive setup, with the close under the
2nd swing support, could cause some early weakness. The next downside objective
is 47.49. Some caution in pressing the downside is warranted with the RSI under
30. The next area of resistance is around 49.36 and 50.38, while 1st support
hits today at 47.92 and below there at 47.49.