Financials: Bonds are currently unchanged at 120'09, the 10 Yr. Notes unchanged 118'03, the 5 Yr. Notes unchanged at 116'03 and the 2 Yr. Notes unchanged at 109'19. We remain short the Bonds with a protective buy stop at 122'11. If the market trades below the 119'04 level, I recommend lowering your buy stop to the 121'24 level. Support remains at 117'24.
Grains: Yesterday Nov. Beans were a penny lower, Dec. Corn 3 lower and Dec. Wheat 3 higher. Over Night Beans were 21 cents higher, Corn 4 higher and Wheat 3 higher. We remain long out of the money calls and/or call spreads in Dec. Corn. We also remain long Nov. Beans. I recommend raising your sell stop in the Beans to the 926'0 level or taking the short term profit if you went long over the last few days. If Nov. Beans should trade above 983'0 either take profits or raise your sell stop to the 938'0 level.
Cattle: Yesterday Oct. Live Cattle closed 15 higher at 88.82. I remain on the sidelines. For the near term support is the 86.00 level and resistance 91.50. Treat as a trading market between these levels if the market allows.
Silver: Sept. Silver is currently 31 cents higher at 14.19. We continue to hold long positions. Near term resistance is the 14.60 area. Near term support is now the 13.50 level and long term support remains at 12.50. I will be adding to current positions on a break to the 12.85 level on the Dec. contract.
S&P's: Sept. S&P's are currently 7.00 higher at 1011.75. We remain short with a protective buy stop at 1014.00. I must admit that the price recovery from the week's lows in the mid 970's is somewhat impressive.
Currencies: As of this writing the Sept. Euro is 75 higher at 1.4331, the Swiss 46 higher at .9457, the Yen 41 higher at 1.0670 and the Pound 50 higher 1.6556. I continue to recommend being long out of the money puts and/or put spreads in the Dec. Yen. We also have a put spread in the Dec. Pound, long the 160 put and short the 155 put. The Sept. Dollar Index is currently 44 lower at 78.010. Near term support for the Index remains in this general area (77.600-78.000).