Financials: Sept. Bonds are currently 5 lower at 124'08. We continue to hold the combination of short Bonds and short the Sept. Bond 120'00 put. At the moment this position is carrying a small loss.
Grains: Yesterday Beans were 5 lower, Corn1 higher and Wheat 1 higher. Over night Beans were 2 higher, Corn unchanged and Wheat 1 lower. If you remain long July Corn either take profits or raise your protective sell stop to the 351'0 level. If you remain long July Beans either take profits or keep your protective sell stop at 951'0. We remain long out of the money call spreads in Nov. Beans. We have taken profits on the short Sept. Corn 340'0/420'0 strangle.
Cattle: Yesterday Live and Feeder Cattle closed moderately lower (45-75 points). If you remain long Aug. Live Cattle either taker profits or raise your protective sell stop to the 88.20 level. I am still interested in the Feb. 2011 Live Cattle 100/106 call spread at 110 points if the market allows.
Silver: July Silver is currently 33 cents higher at 19.11. I remain on the sidelines. Silver is now above resistance and technically looks poised to go higher. To be honest I am hesitant to be long futures. You might consider an out of money call spread such as the Dec. 20.00/22.00 spread which is currently trading at 55 cents ($2750.00) and possibly selling a mini silver contract against it as a bit of a protective measure.
S&P's: Sept. S&P's are currently 1.00 lower at 1111.00. We are currently short the Sept. 1140 call as a speculative play. At the moment I like being short calls as opposed to futures as I feel the premium collected provides a bit less exposure than being short futures. Keep in mind that being short calls has limited profit potential and unlimited risk.
Currencies: As of this writing the Sept. Euro is 17 lower at 1.2370, the Swiss 11 higher at .9o15, the Yen 9 higher at 1.1038 and the Pound 5 lower at 1.4806. We remain short the Euro and/or short out of the money calls. The Sept. Dollar Index is currently is currently unchanged at 85.98. Support for the Dollar Index is currently the 85.50 area.