Grains: On Friday Beans were 5 higher to 11 lower with old crop contracts continuing to gain on the new crop. Corn was 1-2 higher and Wheat 1 higher. Over night Beans were 1-3 higher after trading as much as 10 cents lower. Corn was 2 lower and Wheat 4 higher. We were stopped out of our long Nov. Bean position over night when the market traded below our sell stop of 987'0. We remain long Dec. Corn with a protective sell stop at 388'0.
Cattle: On Friday Live Cattle closed slightly lower except for the expiring June contract which closed 52 higher. Aug. Cattle closed 15 lower at 82.40. We remain on the sidelines.
Silver: Sept. Silver is currently is currently 18 cents lower at 13.95. We remain long with a protective sell stop $1.00 below our entry level when we purchased July contracts (13.80-14.12). If the market trades above 14.45, raise your sell stop to the 13.45 level.
Financials: Bonds are currently 2 higher at 118'19, the 10 Yr. Notes 2 higher, the 5 Yr. Notes 1 higher and the 2 Yr. Notes unchanged. Dec. Eurodollars are currently 2 lower at 99.085. We remain short both the Bonds and the Dec. Eurodollars.
S&P's: Sept. S&P's are currently 3.00 higher at 917.00. To be honest I do not have a strong opinion at current levels. I will say that at the right price (about 940.00) I will be looking to once again short this market. For the near term I am looking to treat the S&P's as a trading affair between 903.00 and 926.00.
Currencies: As of this writing the Sept. Euro is currently 24 lower at 1.4051, the Swiss 36 lower, the Yen 28 lower and the Pound 13 higher at 1.6540. Given all the saber rattling about the Dollar being used less as a reserve currency I am reluctant to trade these markets for anything more than a short term trade until there is more definitive news. That being said I still feel the Pound is a good sale between 1.6600 and 1.6700. The Sept. Dollar Index is currently 6 higher at 80.165.