To: Jeffrey Epsteinfleevacation©gmail.com]
From: Jeffrey M Matusow
Sent: Tue 7/27/2010 7:36:52 PM
Subject: Various

Quiet day in equity markets — Dow is up 25 pts and S+P is flat.

The Euro is trading around 1.30, GBP around 1.56

Gold is off $25 on the positive risk sentiment — trading at $1160. Look for support at the 200 day moving average level around $1150.

India raised rates earlier today more than expected and the currency rallied 50bps.

We have a NOK/SEK forward maturing on Thursday — the position is down about $65k. I think we should let it settle and take the loss. USD/NOK is trading around 6.1750 — we took profit at 6.22. We are looking for a pull back to go long NOK again.

The JPM 6.7% preferreds are trading at $24.80, after trading as low as $22.75. I think we should sell some of your position ($20MM) around $25. You received a 42 cent dividend/share earlier this month.

Corn is down 1 point from our entry point. We should add another $2.5MM to the position at these levels.

Jeff

Jeffrey M. Matusow

JPMorgan Private Bank 140 West 57th Street. 33rd Floor, New York. NY 10019

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