Stocks are slightly higher; recouping some of yesterday’s losses.The Dollar is sharply lower. It has fallen 13% from its high in March; that’s bullish for physical commodities.As an example, crude oil is making a 6 month high this morning, both on ideas that the economy is recovering and US Dollar weakness. This morning’s grain report from the USDA is a bit bullish, but last night’s planting progress was probably a bigger deal.Wet weather in much of the Midwest is delaying planting of corn and soybeans.It’s not a crisis yet, but the later they go in, the more there can be to worry about.Then again, much of last year’s crop went in late and ended up being large.

June S&P:Breakout day; 916.25 then 922 are resistance.Momentum is bullish.
June NASDAQ:No breakout setup. It’s a sell day in the cycle; so they can extend the rally.They are trading over resistance at 1402, 1411 is next.
June Treasury Bonds:Momentum sell short day; 12100 then 12023 are support.
June Euro Currency:Breakout day; regaining 13675 could lead to a test of the March highs around 13737.
June British Pound:Breakout day; the train has already left the station.The Jan 8 high of 15356 is the next objective.
June Gold:Breakout day; cleared resistance at 919. Getting back over 922 would be bullish, but shouldn’t it be doing better with the big crude rally?
July Silver:Momentum buy day; clearing Friday’s high at 1415 is bullish.
July Sugar:Momentum buy day; held 1560 support. It’s testing the July ‘08 high at 1599.
June Crude Oil:Breakout day; resistance is at the Jan. high of 5966.
June Hogs:Breakout setup; resistance is at Monday’s high of 6865.The downside “swine flu” gap runs from 6895 to 7145. That’s a lot of rally room.
July Soybeans:Breakout setup; watch resistance at Friday’s high of 1131.
July Wheat:Doji yesterday; held support at 584-4 yesterday.590 was Fibonacci retracement resistance.It could be testing 600 today.
July Corn:Doji yesterday.Holding over the April high at 417-4 is bullish.

This is the morning update to my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here. Swing Traders Insight Futures Watch List for May 12

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