Financials: Bonds are currently 4 lower at 118'26, the 10 Yr. Notes 1 higher, the 5 Yr. notes 1 higher and the 2 Yr. Notes 2 higher. Dec. Eurodollars are 2 higher at 99.21. We remain short both the Sept. Bonds and the Dec. Eurodollars. Both of these positions are currently at a loss. I am recommending using a protective buy stop on the Sept. Bonds at 119'14. If the market trades below the 118'01 level, lower your buy stop to the 119'02 level.
Grains: Over night the grains were lower across the board with the Beans down 32 cents, Corn down 10 and Wheat down about 6 cents. Renewed strength in the Dollar and good growing conditions has pressured the market since Thursday's close. We are currently on the sidelines.
Cattle: On Thursday Live Cattle closed about 85 lower after trading as much as 125 lower with the Aug. contract closing at 84.87. The market provided the opportunity to go long on a 125 point break. If you went long I recommend using a protective sell stop 125 points below your entry level. The market is currently called steady to weak based on a stronger dollar and generally overall weak commodity prices this morning.
Silver: Sept. Silver is currently 36 cents lower at 13.04. We remain long with a protective sell stop at 12.92.
S&P's: Sept. S&P's are currently 8.00 lower at 885.00. On Thursday the market broke through near term support levels of both 903.00 and 893.00. The next level of support is the 875.00 to 883.00 level. This current break puts the market back near the lows made in early May. I am willing to trade from the long side with a protective sell stop below the 867.00 level.
Currencies: As of this writing the Sept. Euro is 120 lower at 1.3905, the Swiss 85 lower, the Yen 97 higher and the Pound 262 lower at 1.6159. If you remain short the Pound either take profits or lower your buy stop to the 1.6340 level. The Sept. Dollar Index is currently 26 higher at 80.93.