Financials: Bonds are currently 2 higher at 126'11. We contniue to hold the combination of short Sept. Bonds and short the Sept. Bond 124'00 put. Near term support remains at 126'07 and near term sresistance 127'16. If the 126'07 level is violated the next level of support will be the 125'16 area.
Grains: On Friday Nov. Beans closed 7 higher, Dec. Corn 1 lower and Dec. Wheat 10 lower. Over night Beans were 2 lower, Corn fractionally lower and Wheat fractionally higher. Corn and Beans should see some selling pressure due to a stronger Dollar and favorable weather conditions. I still recommend that Corn producers be looking for hedging opportunities above the 400'0 level in Dec. Corn. I am still favorable to Nov. Beans on sharp breaks. We contniue to hold out of the money call spreads in Nov. Beans.
Cattle: On Friday Live and Feeder Cattle closed moderately lower (40-80 points). I still feel the upside in these markets is limited and I am looking to the short side of the market above 93.00 on Oct. Cattle and the short side of Sept. and Oct. Feeders above the 115.00 level.
Silver: Sept. Silver is currently 4 cents lower at 18.03. We contniue to hold the Dec. Silver 20/22 call spread. I will be looking at the long side of the market below the 17.20 level if the market allows.
S&P's: Sept. S&P's are currently 2.00 higher at 1074.50. Near term resistance remains in the 1076 -1080.00 area. Longer term resistance is the 1110 level. I will be looking to the short side fo the market on sharp rallies for the next few sessions. Near term support is currently 1061.00.
Currencies: As of this writing the Sept. Euro is 73 lower at 1.2573, the Swiss 73 lower at .9403, the Yen 20 lower at 1.12871 and the Pound 12 higher at 1.5073. If you remain short the Yen either take profits or lower your protective buy stop to the 1.1380 level. I continue to have a short bias to the Euro, howver, I will recommend to cover all short biased positions if the Euro trades below the 1.2450 level over the next few sessions.