Financials: Sept. Bonds are currently 5 lower at 127'27. We continue to hold the combination of short Sept. Bonds and short the Sept. Bond 124'00 put. Support remains in the 126'22 area and resistance 128'10.
Grains: Yesterday Nov. Beans closed 5 lower, Dec. Corn 5 lower and Dec. Wheat 6 higher. Over night Beans were 6 higher, Corn 1 higher and Wheat 1 higher. We remain long out of the money call spreads in Nov. Beans. I feel that Nov. Beans are still a buy on breaks. As for Corn, I feel the market is getting a bit over bought. Producers should be looking for hedging opportunities as Dec. Corn nears the 400'0 level.
Cattle: Yesterday Live and Feeder Cattle closed higher but well off the interday high. I am still looking to the short side of Oct. Live Cattle above the 93.00 level (currently at 91.55). I also feel that producers should be looking for hedging opportunities above 93.00 on Oct. Live cattle and the 115.00 level in Sept. and Oct. Feeder Cattle.
Silver: Sept. Silver is currently 8 cents lower at 17.78. We remain long the Dec. Silver 20/22 call spread. I will be looking to the long side of the market below the 17.20 level.
S&P's: Sept. S&P's are currently 1.75 higher at 1026.00. Continue to treat as a trading market between 1011.00 and 1042.00.
Currencies: As of this writing the sept. Euro is 24 lower at 1.2599, the Swiss 28 higher at at .9480, the Yen 18 higher at 1.1466 and the Pound 25 higher at 1.5170. We contniue to have a short bias to both the Yen and the Euro ( either short futures, short calls or long puts). The Sept. Dollar Index is 2 lower at 84.29, support is the 83.50 level.