Gold has increasingly become a hot subject since the AAA rating on the US has come into jeopardy.  The selling of US treasuries and the USD has increased dramatically as the Euro/USD is now flirting with $1.42.  Gold has risen significantly in the passed 2 weeks alone and has just touched $980.  Another trade up to $1,000 could be in store.

For years a standing joke in the cotton pit has been that they discovered cotton cures cancer….well take a look at this and yes, some funds may have actually taken positions as a result…Jurgens

Cotton-Seed Based Drug Shows Promise In Treating Severe Brain Cancer
Main Category: Neurology / Neuroscience
Also Included In: Cancer / Oncology;  Clinical Trials / Drug Trials;  Pharma Industry / Biotech Industry
Article Date: 29 May 2009 - 1:00 PDT

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An experimental drug derived from cottonseed shows promise in treating the recurrence of glioblastoma multiforme, widely considered the most lethal brain cancer, said researchers at the University of Alabama at Birmingham (UAB).

The new results are from a Phase II clinical trial of AT-101, a pill manufactured from a potent compound in cottonseed that overcomes the abnormal growth patterns of tumor cells. This cottonseed-based agent must be properly dosed and monitored by physicians.

In clinical tests, AT-101 halted the cancer’s progression in many of the 56 patients, said John Fiveash, M.D., an associate professor in the UAB Department of Radiation Oncology and the lead researcher on the new study.

Despite undergoing other treatments, including surgery, chemotherapy and radiation, the trial patients’ brain cancer had begun to grow again prior to starting AT-101 treatments. The trial-monitored patients took only AT-101 daily for three out of four weeks. Glioblastomas are more common in adults and are considered fast-growing brain tumors that are very difficult to treat, Fiveash said.

“After getting this drug some of these patients went many months without any new growth in their tumors,” Fiveash said. “We are able to do that with a well-tolerated oral medication, and that is a major benefit.” His initial results will be presented May 30 during the poster discussion of central nervous system tumors at the American Society for Clinical Oncology annual meeting in Orlando, Fla.

Fiveash said the drug would likely work best in combination with radiation and chemotherapy to boost the cancer-fighting properties of those treatments. Also, investigators are trying to learn which patients are most likely to benefit from AT-101.

The AT-101 trial is a partnership that includes Fiveash, the UAB Comprehensive Cancer Center, Massachusetts General Hospital in Boston, Johns Hopkins University in Baltimore, The Cleveland Clinic in Ohio, Henry Ford Hospital in Detroit, Emory University in Atlanta, Moffit Cancer Center in Tampa, the University of Pennsylvania in Philadelphia, Wake Forest University in Winston-Salem, N.C., and the National Cancer Institute’s Cancer Therapeutics Evaluation Program.

AT 101 is manufactured by Ascenta Therapeutics Inc. based in Malvern, Penn. Multiple preclinical and clinical trials with AT-101 are ongoing in several tumor types, including prostate, lung, B-cell malignancies and other forms of cancer.

As the month ends positions get moved, or “rolled” from the front month into the next active month. This happens simply because as delivery approaches specs do not wish to get involved (and shouldn’t) with delivery. Because of this feature, when positions are large relative to the overall market, spreads tend to move, sometimes dramatically.

In coffee, where movement in the July/Sep (N/U) spread can often times indicate an overall bullish tone (if the spread narrows) or bearish tone (if the spread widens) may be obscured.  Leaving that indicator moot.

These spreads in Cotton and sugar tend to widen during this period, although as you can see that action has already begun to occur. So look for spreads to be active over the near term.

With a higher crude and weaker dollar helping the market look for a higher move across the board. Month end looks to bring buying into the market as funds continue to add to inflation hedge products. More rain in the forecast supports corn with wheat and beans gaining due to funds and growing fundamental momentum.

I know I said the rich are buying luxury items which has increased durable goods, but this does not equate to the masses doing well. However, the rich buying these items creates jobs, revenue, and cash flow into the system.  The rich buy property and play the stock market so they do have their place in society; although many of you may think different. The S&P is hovering between 888 - 920 and can’t find a true direction.

As mentioned on the premium wire this morning, Open interst is a major issue heading into June. major jumps acros the board with corn gaining oer 35K in two sessions. Any drop in OI heading forward is profit taking and a signal of a downside correction. Something to watch for with techncials in overbought territory.

Following the higher than expected consumer confidence report this morning grains have chopped on either side of unchanged with the positive dow helping sentiment.

Weather looks wetter today than yesterday offering upsie potential but I still feel this trade needs a breather before continuing to the upside. Bulls should sit on the sideline waiting or a pullback to enter. Entrenched bulls need to be leery of a profittaking sellof heading into the end of the month.

Gold and Silver have been both moving very slowly in the upwards direction the passed few weeks.  No real conviction in this market as prices stay below $930/oz and $14.20/oz respectively.  Look to Copper to put your money in as this has more of a chance on the upside from here on out.

We have just seen the June contract expire just below $60  barrel on the Nymex.  More importantly we have to turn our attention to the July contract as this is just a tad above $60 with the contango in the market.  We will see if the price here can stay above this level as API numbers will be coming out shortly and the EIA reports tomorrow with supply numbers.