Morning Update

Stock indexes are down again, trading below 720. I want to sell calls on strength and the upper 720's early in the day would be the first opportunity if we get there.

Ten year notes have resistance at 123'00 and would provide a good opportunity to sell calls if we get there, particulary early in the day.

The Dollar index continues to look mildly bullish. 87.80-88.10 is support.

Gold is in a short term range here today but I am generally bullish. The overnight range is 940-960 and I think it can stay within those levels today.

April crude oil is down $3 to 41.70. There still may be a short term rally to $48 in the coming days and this, under 42.40, should be support. Longer term charts are still very bearish so this, if it develops, would be a rally to sell into for the bigger picture.



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