Financials: Dec. Bonds are currently 26 lower at 140'00 and the 10 Yr. Notes 6 lower at 130'03. I still remain on the sidelines thinking about the possibility of buying some cheap puts for the Oct. or Dec. expirations. The market awaits President Obama's jobs speech on Thursday.

Grains: Yesterday Nov. Beans closed 23 cents lower at 1422'4, Dec. Corn 4'2 lower at 755'6 and Dec. Wheat 15'4 lower at 760'0. Over night Beans were 6 higher, Corn 6 higher and Wheat 6 higher. I still want to go long with either futures or options in Dec. Cattle below the 735'0 level if the market allows. Monday Sept. 12th there will be a crop production report.

Cattle: Yesterday both Live and Feeder Cattle closed sharply higher with the Live Cattle once again gaining on the Feeders. I will be looking to reinstate a short position in Oct. Live Cattle above 119.00 if the market allows.

Silver: Dec. Silver is currently 1.05 lower at 40.82. As mentioned yesterday I am on the sidelines and will reinstate long positions below the 39.00 level if the market allows. Dec. Gold is currently 58.00 lower at 1816.00 well off yesterday's levels. I still feel this market is overbought and has a chance of retesting recent lows in the 1710.00 area.

S&P's: Sept. S&P's are currently 16.50 higher at 1181.00. Yesterday's first support level of 1132.75 (the Aug. 26th low) has held. Look for resistance in the 1192.00-1200.00 area, where I will once again be looking to the short side of the market.

Currencies: As of this writing the Sept. Euro is 57 higher at 1.4043, the Swiss 25 higher at 1.1637, the Yen 50 higher at 1.2932 and the Pound 47 higher at 1.5980. All things considered, not much of a rally off of yesterday's sharp break across the board. I still like the short side of the Yen.

Regards,

Marc

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mnemenoff@pricegroup.com