Grains: Yesterday Beans were 3-6 cents higher with old crop continuing to gain slightly on new crop. Corn was 2 lower and Wheat 7 lower. Over night Beans were steady to 4 higher, Corn 2 lower and Wheat 5 lower. If you remain long Dec. Corn continue to use a protective sell stop at 388’0. If the market trades above 413’0 raise your stop to the 393’0 level. For those of you who remain long Nov. Beans either take profits or raise your protective sell stop to the 987’0 level.
Cattle: Yesterday Live Cattle closed 20-85 lower with the Aug. contract closing 85 lower at 82.47. We were stopped out of a recent long position when the market traded through our entry level.
Silver: July Silver is currently 2 cents higher at 11.93. We remain long with a protective sell stop $1.00 below our entry level. If the market trades above the 14.45 level raise your sell stop to 13.45.
Financials: Sept. Bonds are currently 5 lower at 116’13, the 10 Yr. Notes 2 lower, the 5 Yr. Notes 1 higher and the 2 Yr. Notes 1 higher. Dec. Eurodollars are 6 higher at 99.110. We remain short the Dec. Eurodollars with a downside objective of 98.770. If you remain short Sept. Bonds (yesterday’s recommendations: either take profits on the short term trade or use a buy stop above the 117’14.5 level) either take profits or use a protective buy stop at 116’31. My near term objective of 115’28 has been just about met with the overnight low of 116’08. I am inclined to take the money and stand aside.
S&P's: Sept. S&P’s are currently 6.00 lower at 892.00. Near term support and resistance remain at 883.00 and 905.00. If you went short yesterday at 905.00, take the money and stand aside.
Currencies: As of this writing Sept. Euros are 15 lower at 1.3904, the Swiss 7 lower, the Yen 47 lower and the Pound 157 lower 1.6253. Yesterday the high on the Pound was 1.6600, I had recommended going short above 1.6600. To be honest, I missed this trade. If you went short anywhere near this level, I recommend either taking profits or using a protective buy stop at 1.6475. If the market trades below 1.6195, lower your buy stop to the 164.05 level. The Sept. Dollar Index is currently 31 higher at 81.19.