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MRCI's ScenarioSM Summary

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ScenarioSM Summary May 31, 2005
Historical Data Scenario Data Current Market Data

Mkt

Cond

Month
Prev
Close
Month
High
Month
Low
Month
Close
Pct
Range
Total
Years
Cond
Years
Action
Years

Pct
Scenario
Objective
Average
Objective
Last
Price
#OEX Higher May 552.75 569.75 547.00 564.75 78% 22 16 14 88% 569.75 590.90 564.75
#NDX Higher May 1420.80 1557.30 1415.60 1542.60 90% 19 13 12 92% 1557.30 1624.43 1542.60
#COMPX Higher May 1921.70 2075.70 1928.70 2068.20 95% 10 5 5 100% 2075.70 2228.73 2068.20
#MID Higher May 632.75 672.45 631.15 670.05 94% 24 16 14 88% 672.45 701.14 670.05
SPU5 Higher May 1163.10 1205.50 1152.00 1197.40 85% 23 15 13 87% 1205.50 1251.38 1197.40
NDU5 Higher May 1435.50 1563.50 1436.00 1556.50 95% 8 3 3 100% 1563.50 1670.32 1556.50
USU5 Higher May 114~19 117~23 113~05 117~14 94% 27 12 12 100% 117~23 122~31 117~14
TYU5 Higher May 111~145 113~155 110~290 113~085 92% 22 10 10 100% 113~155 117~044 113~085
EDU5 Higher May 96.255 96.350 96.170 96.265 53% 23 11 10 91% 96.350 96.841 96.265
EDZ5 Higher May 96.065 96.200 95.960 96.120 67% 23 12 11 92% 96.200 96.820 96.120
EDH6 Higher May 95.940 96.095 95.825 96.055 85% 23 12 11 92% 96.095 96.804 96.055
GCQ5 Lower May 438.7 437.0 415.8 418.9 15% 30 16 14 88% 415.8 393.7 418.9
GCV5 Lower May 441.4 436.5 419.3 421.6 13% 30 16 14 88% 419.3 396.6 421.6
GCZ5 Lower May 444.2 442.0 421.0 424.3 16% 30 16 14 88% 421.0 398.1 424.3
PLN5 Lower May 868.6 885.8 846.5 861.3 38% 37 12 11 92% 846.5 773.5 861.3
HGU5 Lower May 144.20 144.10 131.50 139.35 62% 45 23 20 87% 131.50 120.54 139.35
HGZ5 Lower May 139.40 140.00 127.20 132.45 41% 44 21 18 86% 127.20 116.84 132.45
HUU5 Lower May 149.76 153.30 138.00 146.07 53% 20 9 8 89% 138.00 123.48 146.07
HUX5 Lower May 142.31 144.92 133.00 138.87 49% 19 9 8 89% 133.00 121.05 138.87
NGU5 Lower May 6.808 7.030 6.300 6.490 26% 15 7 7 100% 6.300 5.335 6.490
NGV5 Lower May 6.857 7.050 6.350 6.558 30% 15 6 6 100% 6.350 5.445 6.558
SX5 Higher May 621.00 686.00 604.00 682.00 95% 45 21 20 95% 686.00 765.48 682.00
SF6 Higher May 623.50 684.50 607.00 681.50 96% 45 22 21 95% 684.50 766.71 681.50
SMZ5 Higher May 192.50 215.00 186.50 214.60 99% 44 25 21 84% 215.00 241.54 214.60
OU5 Lower May 146.00 143.75 136.50 143.25 93% 30 17 17 100% 136.50 118.87 143.25
RRU5 Lower May 7.65 8.00 7.42 7.63 36% 18 9 8 89% 7.42 6.85 7.63
LCV5 Higher May 85.900 87.875 85.275 86.450 45% 40 17 16 94% 87.875 91.760 86.450
LCZ5 Higher May 86.725 88.750 86.550 88.275 78% 40 19 17 89% 88.750 92.122 88.275
FCU5 Higher May 107.400 112.650 106.950 111.425 79% 33 18 16 89% 112.650 119.973 111.425
LEQ5 Lower May 75.800 76.250 68.350 70.000 21% 35 17 16 94% 68.350 63.056 70.000
LEV5 Lower May 64.375 64.925 59.500 60.625 21% 35 17 16 94% 59.500 54.091 60.625
LEZ5 Lower May 61.450 61.800 57.700 58.550 21% 35 17 16 94% 57.700 51.475 58.550
PBQ5 Lower May 82.050 83.650 67.800 68.225 3% 42 26 24 92% 67.800 56.341 68.225
PBG6 Lower May 87.000 88.950 82.000 82.850 12% 38 20 19 95% 82.000 72.930 82.850
JOU5 Lower May 97.60 97.30 91.40 96.40 85% 37 14 12 86% 91.40 82.90 96.40
KCU5 Lower May 130.60 131.50 119.05 121.55 20% 31 16 14 88% 119.05 102.12 121.55
KCZ5 Lower May 133.70 134.25 122.80 125.30 22% 31 15 13 87% 122.80 103.30 125.30
SBV5 Higher May 8.63 8.91 8.24 8.87 94% 41 17 15 88% 8.91 10.21 8.87
SBH6 Higher May 8.63 9.00 8.29 8.96 94% 44 20 17 85% 9.00 10.15 8.96
CTZ5 Lower May 58.70 58.85 51.50 51.62 2% 44 21 18 86% 51.50 48.35 51.62


S & P 100(OEX)
The #OEX(Mkt) ended Higher(Cond) for May(Month). Compared to April's 552.75(Prev Close), the market ended May at (Month Close), that being 78%(Pct Range) off of 547.00(Month Low) to 569.75(Month High).

In comparing the April/May closes for each of the last 22 years(Total Years), Scenario found that the S & P 100(OEX) also closed higher in May than April in 16(Cond Years) of those years. Of those 16, the #OEX went on to exceed the May high within the next 2 months in 14 years(Action Years) or 88%(Pct) of the time.

Therefore, the historical odds are high that the the #OEX should exceed 569.75(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 14 years) a potential move toward 590.90(Average Objective).

NASDAQ 100 Index
The #NDX(Mkt) ended Higher(Cond) for May(Month). Compared to April's 1420.80(Prev Close), the market ended May at (Month Close), that being 90%(Pct Range) off of 1415.60(Month Low) to 1557.30(Month High).

In comparing the April/May closes for each of the last 19 years(Total Years), Scenario found that the NASDAQ 100 Index also closed higher in May than April in 13(Cond Years) of those years. Of those 13, the #NDX went on to exceed the May high within the next 2 months in 12 years(Action Years) or 92%(Pct) of the time.

Therefore, the historical odds are high that the the #NDX should exceed 1557.30(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 12 years) a potential move toward 1624.43(Average Objective).

NASDAQ Composite Index
The #COMPX(Mkt) ended Higher(Cond) for May(Month). Compared to April's 1921.70(Prev Close), the market ended May at (Month Close), that being 95%(Pct Range) off of 1928.70(Month Low) to 2075.70(Month High).

In comparing the April/May closes for each of the last 10 years(Total Years), Scenario found that the NASDAQ Composite Index also closed higher in May than April in 5(Cond Years) of those years. Of those 5, the #COMPX went on to exceed the May high within the next 2 months in 5 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the the #COMPX should exceed 2075.70(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 5 years) a potential move toward 2228.73(Average Objective).

S & P Midcap 400 Index
The #MID(Mkt) ended Higher(Cond) for May(Month). Compared to April's 632.75(Prev Close), the market ended May at (Month Close), that being 94%(Pct Range) off of 631.15(Month Low) to 672.45(Month High).

In comparing the April/May closes for each of the last 24 years(Total Years), Scenario found that the S & P Midcap 400 Index also closed higher in May than April in 16(Cond Years) of those years. Of those 16, the #MID went on to exceed the May high within the next 2 months in 14 years(Action Years) or 88%(Pct) of the time.

Therefore, the historical odds are high that the the #MID should exceed 672.45(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 14 years) a potential move toward 701.14(Average Objective).

September S & P 500(CME)
The SPU5(Mkt) ended Higher(Cond) for May(Month). Compared to April's 1163.10(Prev Close), the market ended May at (Month Close), that being 85%(Pct Range) off of 1152.00(Month Low) to 1205.50(Month High).

In comparing the April/May closes for each of the last 23 years(Total Years), Scenario found that the September S & P 500(CME) also closed higher in May than April in 15(Cond Years) of those years. Of those 15, SPU went on to exceed the May high within the next 2 months in 13 years(Action Years) or 87%(Pct) of the time.

Therefore, the historical odds are high that the SPU should exceed 1205.50(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 13 years) a potential move toward 1251.38(Average Objective).

September NASDAQ 100(CME)
The NDU5(Mkt) ended Higher(Cond) for May(Month). Compared to April's 1435.50(Prev Close), the market ended May at (Month Close), that being 95%(Pct Range) off of 1436.00(Month Low) to 1563.50(Month High).

In comparing the April/May closes for each of the last 8 years(Total Years), Scenario found that the September NASDAQ 100(CME) also closed higher in May than April in 3(Cond Years) of those years. Of those 3, NDU went on to exceed the May high within the next 2 months in 3 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the NDU should exceed 1563.50(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 3 years) a potential move toward 1670.32(Average Objective).

September 30-Year T-Bonds(CBOT)
The USU5(Mkt) ended Higher(Cond) for May(Month). Compared to April's 114~19(Prev Close), the market ended May at (Month Close), that being 94%(Pct Range) off of 113~05(Month Low) to 117~23(Month High).

In comparing the April/May closes for each of the last 27 years(Total Years), Scenario found that the September 30-Year T-Bonds(CBOT) also closed higher in May than April in 12(Cond Years) of those years. Of those 12, USU went on to exceed the May high within the next 2 months in 12 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the USU should exceed 117~23(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 12 years) a potential move toward 122~31(Average Objective).

September 10-Year T-Notes(CBOT)
The TYU5(Mkt) ended Higher(Cond) for May(Month). Compared to April's 111~145(Prev Close), the market ended May at (Month Close), that being 92%(Pct Range) off of 110~290(Month Low) to 113~155(Month High).

In comparing the April/May closes for each of the last 22 years(Total Years), Scenario found that the September 10-Year T-Notes(CBOT) also closed higher in May than April in 10(Cond Years) of those years. Of those 10, TYU went on to exceed the May high within the next 2 months in 10 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the TYU should exceed 113~155(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 10 years) a potential move toward 117~044(Average Objective).

September Eurodollars(CME)
The EDU5(Mkt) ended Higher(Cond) for May(Month). Compared to April's 96.255(Prev Close), the market ended May at (Month Close), that being 53%(Pct Range) off of 96.170(Month Low) to 96.350(Month High).

In comparing the April/May closes for each of the last 23 years(Total Years), Scenario found that the September Eurodollars(CME) also closed higher in May than April in 11(Cond Years) of those years. Of those 11, EDU went on to exceed the May high within the next 2 months in 10 years(Action Years) or 91%(Pct) of the time.

Therefore, the historical odds are high that the EDU should exceed 96.350(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 10 years) a potential move toward 96.841(Average Objective).

December Eurodollars(CME)
The EDZ5(Mkt) ended Higher(Cond) for May(Month). Compared to April's 96.065(Prev Close), the market ended May at (Month Close), that being 67%(Pct Range) off of 95.960(Month Low) to 96.200(Month High).

In comparing the April/May closes for each of the last 23 years(Total Years), Scenario found that the December Eurodollars(CME) also closed higher in May than April in 12(Cond Years) of those years. Of those 12, EDZ went on to exceed the May high within the next 2 months in 11 years(Action Years) or 92%(Pct) of the time.

Therefore, the historical odds are high that the EDZ should exceed 96.200(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 11 years) a potential move toward 96.820(Average Objective).

March Eurodollars(CME)
The EDH6(Mkt) ended Higher(Cond) for May(Month). Compared to April's 95.940(Prev Close), the market ended May at (Month Close), that being 85%(Pct Range) off of 95.825(Month Low) to 96.095(Month High).

In comparing the April/May closes for each of the last 23 years(Total Years), Scenario found that the March Eurodollars(CME) also closed higher in May than April in 12(Cond Years) of those years. Of those 12, EDH went on to exceed the May high within the next 2 months in 11 years(Action Years) or 92%(Pct) of the time.

Therefore, the historical odds are high that the EDH should exceed 96.095(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 11 years) a potential move toward 96.804(Average Objective).

August Gold(CMX)
The GCQ5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 438.7(Prev Close), the market ended May at (Month Close), that being 15%(Pct Range) off of 415.8(Month Low) to 437.0(Month High).

In comparing the April/May closes for each of the last 30 years(Total Years), Scenario found that the August Gold(CMX) also closed lower in May than April in 16(Cond Years) of those years. Of those 16, GCQ went on to penetrate the May low within the next 2 months in 14 years(Action Years) or 88%(Pct) of the time.

Therefore, the historical odds are high that the GCQ should penetrate 415.8(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 14 years) a potential move toward 393.7(Average Objective).

October Gold(CMX)
The GCV5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 441.4(Prev Close), the market ended May at (Month Close), that being 13%(Pct Range) off of 419.3(Month Low) to 436.5(Month High).

In comparing the April/May closes for each of the last 30 years(Total Years), Scenario found that the October Gold(CMX) also closed lower in May than April in 16(Cond Years) of those years. Of those 16, GCV went on to penetrate the May low within the next 2 months in 14 years(Action Years) or 88%(Pct) of the time.

Therefore, the historical odds are high that the GCV should penetrate 419.3(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 14 years) a potential move toward 396.6(Average Objective).

December Gold(CMX)
The GCZ5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 444.2(Prev Close), the market ended May at (Month Close), that being 16%(Pct Range) off of 421.0(Month Low) to 442.0(Month High).

In comparing the April/May closes for each of the last 30 years(Total Years), Scenario found that the December Gold(CMX) also closed lower in May than April in 16(Cond Years) of those years. Of those 16, GCZ went on to penetrate the May low within the next 2 months in 14 years(Action Years) or 88%(Pct) of the time.

Therefore, the historical odds are high that the GCZ should penetrate 421.0(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 14 years) a potential move toward 398.1(Average Objective).

July Platinum(NYM)
The PLN5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 868.6(Prev Close), the market ended May at (Month Close), that being 38%(Pct Range) off of 846.5(Month Low) to 885.8(Month High).

In comparing the April/May closes for each of the last 37 years(Total Years), Scenario found that the July Platinum(NYM) also closed lower in May than April in 12(Cond Years) of those years. Of those 12, PLN went on to penetrate the May low within the next 2 months in 11 years(Action Years) or 92%(Pct) of the time.

Therefore, the historical odds are high that the PLN should penetrate 846.5(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 11 years) a potential move toward 773.5(Average Objective).

September Copper(CMX)
The HGU5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 144.20(Prev Close), the market ended May at (Month Close), that being 62%(Pct Range) off of 131.50(Month Low) to 144.10(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the September Copper(CMX) also closed lower in May than April in 23(Cond Years) of those years. Of those 23, HGU went on to penetrate the May low within the next 2 months in 20 years(Action Years) or 87%(Pct) of the time.

Therefore, the historical odds are high that the HGU should penetrate 131.50(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 20 years) a potential move toward 120.54(Average Objective).

December Copper(CMX)
The HGZ5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 139.40(Prev Close), the market ended May at (Month Close), that being 41%(Pct Range) off of 127.20(Month Low) to 140.00(Month High).

In comparing the April/May closes for each of the last 44 years(Total Years), Scenario found that the December Copper(CMX) also closed lower in May than April in 21(Cond Years) of those years. Of those 21, HGZ went on to penetrate the May low within the next 2 months in 18 years(Action Years) or 86%(Pct) of the time.

Therefore, the historical odds are high that the HGZ should penetrate 127.20(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 18 years) a potential move toward 116.84(Average Objective).

September Unleaded Gas(NYM)
The HUU5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 149.76(Prev Close), the market ended May at (Month Close), that being 53%(Pct Range) off of 138.00(Month Low) to 153.30(Month High).

In comparing the April/May closes for each of the last 20 years(Total Years), Scenario found that the September Unleaded Gas(NYM) also closed lower in May than April in 9(Cond Years) of those years. Of those 9, HUU went on to penetrate the May low within the next 2 months in 8 years(Action Years) or 89%(Pct) of the time.

Therefore, the historical odds are high that the HUU should penetrate 138.00(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 8 years) a potential move toward 123.48(Average Objective).

November Unleaded Gas(NYM)
The HUX5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 142.31(Prev Close), the market ended May at (Month Close), that being 49%(Pct Range) off of 133.00(Month Low) to 144.92(Month High).

In comparing the April/May closes for each of the last 19 years(Total Years), Scenario found that the November Unleaded Gas(NYM) also closed lower in May than April in 9(Cond Years) of those years. Of those 9, HUX went on to penetrate the May low within the next 2 months in 8 years(Action Years) or 89%(Pct) of the time.

Therefore, the historical odds are high that the HUX should penetrate 133.00(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 8 years) a potential move toward 121.05(Average Objective).

September Natural Gas(NYM)
The NGU5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 6.808(Prev Close), the market ended May at (Month Close), that being 26%(Pct Range) off of 6.300(Month Low) to 7.030(Month High).

In comparing the April/May closes for each of the last 15 years(Total Years), Scenario found that the September Natural Gas(NYM) also closed lower in May than April in 7(Cond Years) of those years. Of those 7, NGU went on to penetrate the May low within the next 2 months in 7 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the NGU should penetrate 6.300(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 7 years) a potential move toward 5.335(Average Objective).

October Natural Gas(NYM)
The NGV5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 6.857(Prev Close), the market ended May at (Month Close), that being 30%(Pct Range) off of 6.350(Month Low) to 7.050(Month High).

In comparing the April/May closes for each of the last 15 years(Total Years), Scenario found that the October Natural Gas(NYM) also closed lower in May than April in 6(Cond Years) of those years. Of those 6, NGV went on to penetrate the May low within the next 2 months in 6 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the NGV should penetrate 6.350(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 6 years) a potential move toward 5.445(Average Objective).

November Soybeans(CBOT)
The SX5(Mkt) ended Higher(Cond) for May(Month). Compared to April's 621.00(Prev Close), the market ended May at (Month Close), that being 95%(Pct Range) off of 604.00(Month Low) to 686.00(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the November Soybeans(CBOT) also closed higher in May than April in 21(Cond Years) of those years. Of those 21, SX went on to exceed the May high within the next 2 months in 20 years(Action Years) or 95%(Pct) of the time.

Therefore, the historical odds are high that the SX should exceed 686.00(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 20 years) a potential move toward 765.48(Average Objective).

January Soybeans(CBOT)
The SF6(Mkt) ended Higher(Cond) for May(Month). Compared to April's 623.50(Prev Close), the market ended May at (Month Close), that being 96%(Pct Range) off of 607.00(Month Low) to 684.50(Month High).

In comparing the April/May closes for each of the last 45 years(Total Years), Scenario found that the January Soybeans(CBOT) also closed higher in May than April in 22(Cond Years) of those years. Of those 22, SF went on to exceed the May high within the next 2 months in 21 years(Action Years) or 95%(Pct) of the time.

Therefore, the historical odds are high that the SF should exceed 684.50(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 21 years) a potential move toward 766.71(Average Objective).

December Soybean Meal(CBOT)
The SMZ5(Mkt) ended Higher(Cond) for May(Month). Compared to April's 192.50(Prev Close), the market ended May at (Month Close), that being 99%(Pct Range) off of 186.50(Month Low) to 215.00(Month High).

In comparing the April/May closes for each of the last 44 years(Total Years), Scenario found that the December Soybean Meal(CBOT) also closed higher in May than April in 25(Cond Years) of those years. Of those 25, SMZ went on to exceed the May high within the next 2 months in 21 years(Action Years) or 84%(Pct) of the time.

Therefore, the historical odds are high that the SMZ should exceed 215.00(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 21 years) a potential move toward 241.54(Average Objective).

September Oats(CBOT)
The OU5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 146.00(Prev Close), the market ended May at (Month Close), that being 93%(Pct Range) off of 136.50(Month Low) to 143.75(Month High).

In comparing the April/May closes for each of the last 30 years(Total Years), Scenario found that the September Oats(CBOT) also closed lower in May than April in 17(Cond Years) of those years. Of those 17, OU went on to penetrate the May low within the next 2 months in 17 years(Action Years) or 100%(Pct) of the time.

Therefore, the historical odds are high that the OU should penetrate 136.50(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 17 years) a potential move toward 118.87(Average Objective).

September Rough Rice(CBOT)
The RRU5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 7.65(Prev Close), the market ended May at (Month Close), that being 36%(Pct Range) off of 7.42(Month Low) to 8.00(Month High).

In comparing the April/May closes for each of the last 18 years(Total Years), Scenario found that the September Rough Rice(CBOT) also closed lower in May than April in 9(Cond Years) of those years. Of those 9, RRU went on to penetrate the May low within the next 2 months in 8 years(Action Years) or 89%(Pct) of the time.

Therefore, the historical odds are high that the RRU should penetrate 7.42(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 8 years) a potential move toward 6.85(Average Objective).

October Live Cattle(CME)
The LCV5(Mkt) ended Higher(Cond) for May(Month). Compared to April's 85.900(Prev Close), the market ended May at (Month Close), that being 45%(Pct Range) off of 85.275(Month Low) to 87.875(Month High).

In comparing the April/May closes for each of the last 40 years(Total Years), Scenario found that the October Live Cattle(CME) also closed higher in May than April in 17(Cond Years) of those years. Of those 17, LCV went on to exceed the May high within the next 2 months in 16 years(Action Years) or 94%(Pct) of the time.

Therefore, the historical odds are high that the LCV should exceed 87.875(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 16 years) a potential move toward 91.760(Average Objective).

December Live Cattle(CME)
The LCZ5(Mkt) ended Higher(Cond) for May(Month). Compared to April's 86.725(Prev Close), the market ended May at (Month Close), that being 78%(Pct Range) off of 86.550(Month Low) to 88.750(Month High).

In comparing the April/May closes for each of the last 40 years(Total Years), Scenario found that the December Live Cattle(CME) also closed higher in May than April in 19(Cond Years) of those years. Of those 19, LCZ went on to exceed the May high within the next 2 months in 17 years(Action Years) or 89%(Pct) of the time.

Therefore, the historical odds are high that the LCZ should exceed 88.750(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 17 years) a potential move toward 92.122(Average Objective).

September Feeder Cattle(CME)
The FCU5(Mkt) ended Higher(Cond) for May(Month). Compared to April's 107.400(Prev Close), the market ended May at (Month Close), that being 79%(Pct Range) off of 106.950(Month Low) to 112.650(Month High).

In comparing the April/May closes for each of the last 33 years(Total Years), Scenario found that the September Feeder Cattle(CME) also closed higher in May than April in 18(Cond Years) of those years. Of those 18, FCU went on to exceed the May high within the next 2 months in 16 years(Action Years) or 89%(Pct) of the time.

Therefore, the historical odds are high that the FCU should exceed 112.650(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 16 years) a potential move toward 119.973(Average Objective).

August Lean Hogs(CME)
The LEQ5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 75.800(Prev Close), the market ended May at (Month Close), that being 21%(Pct Range) off of 68.350(Month Low) to 76.250(Month High).

In comparing the April/May closes for each of the last 35 years(Total Years), Scenario found that the August Lean Hogs(CME) also closed lower in May than April in 17(Cond Years) of those years. Of those 17, LEQ went on to penetrate the May low within the next 2 months in 16 years(Action Years) or 94%(Pct) of the time.

Therefore, the historical odds are high that the LEQ should penetrate 68.350(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 16 years) a potential move toward 63.056(Average Objective).

October Lean Hogs(CME)
The LEV5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 64.375(Prev Close), the market ended May at (Month Close), that being 21%(Pct Range) off of 59.500(Month Low) to 64.925(Month High).

In comparing the April/May closes for each of the last 35 years(Total Years), Scenario found that the October Lean Hogs(CME) also closed lower in May than April in 17(Cond Years) of those years. Of those 17, LEV went on to penetrate the May low within the next 2 months in 16 years(Action Years) or 94%(Pct) of the time.

Therefore, the historical odds are high that the LEV should penetrate 59.500(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 16 years) a potential move toward 54.091(Average Objective).

December Lean Hogs(CME)
The LEZ5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 61.450(Prev Close), the market ended May at (Month Close), that being 21%(Pct Range) off of 57.700(Month Low) to 61.800(Month High).

In comparing the April/May closes for each of the last 35 years(Total Years), Scenario found that the December Lean Hogs(CME) also closed lower in May than April in 17(Cond Years) of those years. Of those 17, LEZ went on to penetrate the May low within the next 2 months in 16 years(Action Years) or 94%(Pct) of the time.

Therefore, the historical odds are high that the LEZ should penetrate 57.700(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 16 years) a potential move toward 51.475(Average Objective).

August Pork Bellies(CME)
The PBQ5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 82.050(Prev Close), the market ended May at (Month Close), that being 3%(Pct Range) off of 67.800(Month Low) to 83.650(Month High).

In comparing the April/May closes for each of the last 42 years(Total Years), Scenario found that the August Pork Bellies(CME) also closed lower in May than April in 26(Cond Years) of those years. Of those 26, PBQ went on to penetrate the May low within the next 2 months in 24 years(Action Years) or 92%(Pct) of the time.

Therefore, the historical odds are high that the PBQ should penetrate 67.800(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 24 years) a potential move toward 56.341(Average Objective).

February Pork Bellies(CME)
The PBG6(Mkt) ended Lower(Cond) for May(Month). Compared to April's 87.000(Prev Close), the market ended May at (Month Close), that being 12%(Pct Range) off of 82.000(Month Low) to 88.950(Month High).

In comparing the April/May closes for each of the last 38 years(Total Years), Scenario found that the February Pork Bellies(CME) also closed lower in May than April in 20(Cond Years) of those years. Of those 20, PBG went on to penetrate the May low within the next 2 months in 19 years(Action Years) or 95%(Pct) of the time.

Therefore, the historical odds are high that the PBG should penetrate 82.000(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 19 years) a potential move toward 72.930(Average Objective).

September Orange Juice(NYBOT)
The JOU5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 97.60(Prev Close), the market ended May at (Month Close), that being 85%(Pct Range) off of 91.40(Month Low) to 97.30(Month High).

In comparing the April/May closes for each of the last 37 years(Total Years), Scenario found that the September Orange Juice(NYBOT) also closed lower in May than April in 14(Cond Years) of those years. Of those 14, JOU went on to penetrate the May low within the next 2 months in 12 years(Action Years) or 86%(Pct) of the time.

Therefore, the historical odds are high that the JOU should penetrate 91.40(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 12 years) a potential move toward 82.90(Average Objective).

September Coffee "C"(NYBOT)
The KCU5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 130.60(Prev Close), the market ended May at (Month Close), that being 20%(Pct Range) off of 119.05(Month Low) to 131.50(Month High).

In comparing the April/May closes for each of the last 31 years(Total Years), Scenario found that the September Coffee "C"(NYBOT) also closed lower in May than April in 16(Cond Years) of those years. Of those 16, KCU went on to penetrate the May low within the next 2 months in 14 years(Action Years) or 88%(Pct) of the time.

Therefore, the historical odds are high that the KCU should penetrate 119.05(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 14 years) a potential move toward 102.12(Average Objective).

December Coffee "C"(NYBOT)
The KCZ5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 133.70(Prev Close), the market ended May at (Month Close), that being 22%(Pct Range) off of 122.80(Month Low) to 134.25(Month High).

In comparing the April/May closes for each of the last 31 years(Total Years), Scenario found that the December Coffee "C"(NYBOT) also closed lower in May than April in 15(Cond Years) of those years. Of those 15, KCZ went on to penetrate the May low within the next 2 months in 13 years(Action Years) or 87%(Pct) of the time.

Therefore, the historical odds are high that the KCZ should penetrate 122.80(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 13 years) a potential move toward 103.30(Average Objective).

October Sugar #11(NYBOT)
The SBV5(Mkt) ended Higher(Cond) for May(Month). Compared to April's 8.63(Prev Close), the market ended May at (Month Close), that being 94%(Pct Range) off of 8.24(Month Low) to 8.91(Month High).

In comparing the April/May closes for each of the last 41 years(Total Years), Scenario found that the October Sugar #11(NYBOT) also closed higher in May than April in 17(Cond Years) of those years. Of those 17, SBV went on to exceed the May high within the next 2 months in 15 years(Action Years) or 88%(Pct) of the time.

Therefore, the historical odds are high that the SBV should exceed 8.91(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 15 years) a potential move toward 10.21(Average Objective).

March Sugar #11(NYBOT)
The SBH6(Mkt) ended Higher(Cond) for May(Month). Compared to April's 8.63(Prev Close), the market ended May at (Month Close), that being 94%(Pct Range) off of 8.29(Month Low) to 9.00(Month High).

In comparing the April/May closes for each of the last 44 years(Total Years), Scenario found that the March Sugar #11(NYBOT) also closed higher in May than April in 20(Cond Years) of those years. Of those 20, SBH went on to exceed the May high within the next 2 months in 17 years(Action Years) or 85%(Pct) of the time.

Therefore, the historical odds are high that the SBH should exceed 9.00(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 17 years) a potential move toward 10.15(Average Objective).

December Cotton(NYBOT)
The CTZ5(Mkt) ended Lower(Cond) for May(Month). Compared to April's 58.70(Prev Close), the market ended May at (Month Close), that being 2%(Pct Range) off of 51.50(Month Low) to 58.85(Month High).

In comparing the April/May closes for each of the last 44 years(Total Years), Scenario found that the December Cotton(NYBOT) also closed lower in May than April in 21(Cond Years) of those years. Of those 21, CTZ went on to penetrate the May low within the next 2 months in 18 years(Action Years) or 86%(Pct) of the time.

Therefore, the historical odds are high that the CTZ should penetrate 51.50(Scenario Objective) by no later than the end of July. If it does so, Scenario would further project (based on normalizing those previous 18 years) a potential move toward 48.35(Average Objective).