Financials: Sept. Bonds are currently 11 higher at 118'16, the 10 Yr. Notes 3 higher at 117'03, the 5 Yr. Notes 4 higher at 115'15, and the 2 Yr. Notes 1 higher at 108'13. The Dec. Eurodollars are unchanged at 99.400. Yesterday the Bonds gave trading opportunities near both support and resistance with a low of 115'20 and a high of 118'11 (support and resistance yesterday was 115'20 and resistance 118'04). For today support is currently 116'24 and resistance 118'25. I once again have a bias to the short side of this market and will be a seller on rallies.
Grains: Yesterday Nov. Beans were 25 cents lower, Dec. Corn 4 lower and Dec. Wheat 8 lower. Over night Beans were 11 lower, Corn 3 lower and Wheat 2 lower. Nov. Beans failed yesterday at the 960'0 resistance and are currently trading at 1007'0 after making an early high of 1063'0 Thurs. morning. Continue to treat as a trading market between 980'0 and 1060'0. We remain long Dec. Corn with a protective sell stop at 326'0. We continue to hold out of the money calls and/or call spreads in Dec. Corn.
Cattle: Yesterday Live Cattle closed 15-25 lower with the Oct. contract closing 15 lower at 88.20. I remain on the sidelines.
Silver: Sept. Silver is currently 2 cents higher at 15.01. We continue to hold a partial long position from just under the 14.20 level. For short term traders, either take profits or use a protective sell stop at 14.75. I feel the market will see some price resistance in the 15.15-15.35 area.
S&P's: Sept. S&P's are currently 2.00 lower at 1011.50. Near term support remains at 992.00 and near term resistance at 1015.00. I remain on the sidelines.
Currencies: As of this writing the Sept. Euro is 8 higher at 1.4275, the Swiss 9 higher at .9350, the Yen 26 higher at 1.0541 and the Pound 33 higher at 1.6587. We are currently on the sidelines in the Pound. I will, however, be interested in going short the Pound above the 1.6800 level if the market allows. We remain long out of the money puts and/or put spreads in the Yen. The Sept. Dollar Index is currently 14 lower at 78.440. I still feel this Index has support in the 78.000 area.