Financials: Sept. Bonds are currently 7 higher at 125'28 and the 10 Yr. Note 8 higher at 124'16. The Weekly Jobless Claims report showed a decline of 24,000 vs. expectations of unchanged. Bonds remain in a trading range of 124'28 to 126'20.
Grains: Yesterday beans closed 8 cents lower, Corn 2 higher and Wheat 10 higher. Over night Beans were 2 lower, Corn 2 lower and Wheat 5 higher. Dec. Corn hit resistance in the 692'0 and needs a close above 694'0 to continue some upward momentum. Support is now the 665'0 area. We remain long call spreads in Corn.
Cattle: Yesterday Aug. Live and Feeder Cattle closed moderately lower holding support in LC at 109.00 and FC at 135.00. Iurge caution at present levels. If Aug. LC trade below 109.00 I would expect a break to the 107.00 level and if Aug. FC should trade as low as 134.00 I would expect a break to the 132.00 area.
Silver: Sept. Silver is currently 73 cents lower at 39.82. This market failed at resistance of 41.00 yesterday. Aug. Gold is currently 1.00 lower at 1614.00. Iremain cautiously negative to Gold at present levels. Starting Monday I will be quoting the Dec. contract for Gold which currently carries about a 2.00 premium to the Aug. contract.
S&P's: Sept. S&P's are currently 5.00 higher at 1304.50. Yesterday the market penetrated the 1308.00 support level and traded as low as 1295.75 over night. Support is now the 1298.00 level. If you remain short I recommend either taking profits or selling the 1300.00 put against the position to collect some premium or using a protective buy stop at 1312.00.
Currencies: As of this writing the Sept. Euro is currently 57 lower at 1.4296, the Swiss unchanged at 1.2474, the Yen 34 higher at 1.2853 and the Pound unchanged at 1.6317. I currently have no position but like the short side of the Swiss and Euro on rallies.
888.908.4310 | 312.264.4310