Financials: Bonds are currently 7 higher at 120'02, the 10 Yr. Notes unchanged at 117'30, the 5 Yr. Notes unchanged at 116'02 and the 2 Yr. Notes unchanged at 108'19. Dec. Eurodollars are 1 higher at 99.43. We have covered our short Dec. Eurodollar position for a loss. We remain short the Sept. Bonds with a protective buy stop just above the May 15th high of 122'11. If the market trades below 119'04 lower your buy stop to the 121'24 level. Support is currently 117'27. This morning's Weekly Jobs Report showed an increase in jobless claims of 15,000 versus estimates of down 8,000. Continuing claims were up 2,000 at 6,241,000. The immediate reaction in Bonds was a 10 point (ticks) rally.
Grains: Yesterday Nov. Beans were 1 cent lower, Dec. Corn 5 higher and Dec. Wheat 4 lower. Over night Beans were about 3 higher, Corn unchanged and Wheat fractionally higher. We remain long out of the money calls and/or call spreads in Dec. Corn. We also remain long Nov. Beans with a protective sell stop at 915'0.
Cattle: Yesterday Oct. Live Cattle closed 17 lower at 88.67. I remain on the sidelines.
Silver: Sept. Silver is currently 6 cents lower at 13.82. We continue to hold a long position. Yesterday the market recovered from a low of about 13.50 but failed to close higher for the day. Near term support remains at 13.25 and long term support at 12.50. I will be adding to current positions on a break below 12.85 on the Dec. contract.
S&P's: Sept. S&P's are currently 1.50 lower at 995.50. Near term support is currently 973.00 and near term resistance 1004.00. Yesterday I was a seller above the 992.00 level and I am using a protective buy stop at 1014.00
Currencies: As of this writing the Sept. Euro is 23 lower at 1.4217, the Swiss 22 lower at .9375, the Yen 5 lower at 1.0639 and the Pound 67 lower at 1.6475. I continue to recommend being long out of the money puts and/or put spreads in the Dec. Yen. I am also long the Dec. Pound 160/155 put spread. The Sept. Dollar Index is 14 higher at 78.685.