Financials: Bonds are currently 4 lower at 117’28, the 10 Yr. Notes 2 lower, the 5 Yr. Notes 2 higher and the 2 Yr. Notes unchanged. Dec. Eurodollars are 2 lower at 99.120. We remain short the Dec. Eurodollars. I still like the short side of the Bonds despite yesterdays rally. If you remain short I will be looking to cover the position below the 116’25 level.
Grains: Yesterday Beans were 11 cents higher for old crop and 6 lower for new crop. Corn was 4 lower and Wheat 6 lower. Overnight Beans were 4-13 higher, Corn 1 higher and Wheat 2 higher. If you remain long Dec. Corn continue to use a protective sell stop at 388’0. If you remain long Nov. Beans continue to use a sell stop at 987’0.
Cattle: Yesterday Live Cattle closed 7-30 higher with the Aug. contract closing 7 higher at 82.55. We are on the sidelines.
Silver: Sept. Silver is currently 16 cents higher at 14.17. We remain long with a protective sell stop $1.00 below our entry level. If the market trades above 14.45 raise your sell stop to the 13.45 level. Next week I will be referring to the Sept. contract.
S&P's: Sept. S&P’s are currently 3.00 lower at 913.00. Yesterday the market traded through near term resistance of 905.00. Support is currently 896.00 and resistance 923.00. I remain on the sidelines.
Currencies: As of this writing the Sept. Euro is 80 higher at 1.4047, the Swiss 70 higher, the Yen 70 higher and the Pound 106 higher at 1.6476. For any of you who went short the Pound earlier in the week, my recommended buy stop of 1.6400 was hit over night. I still like the idea of trading the short side of the Pound above the 1.6600 level. The Sept. Dollar Index is currently 53 lower at 80.16. I am on the sidelines.