Financials: Bonds are currently 15 lower at 118'11, the 10 Yr. Notes 5 lower at 116'22, the 5 Yr. Notes 2 lower and the 2 Yr. Notes 1 lower. The Dec. Eurodollars are unchanged at 99.205. We remain short both the Sept. Bonds and the Dec. Eurodollars. We are currently recommending using a protective buy stop in the Sept. Bonds at 119'14. If the market trades below the 118'01 level, lower your stop to the 119'04 level.
Grains: Yesterday Beans were 43 cents lower, Corn 13 lower and Wheat 9 lower. Over night Beans were 7 cents higher, Corn 3 higher and Wheat 5 higher. We are currently on the sidelines. If the Beans get much lower I will be recommending selling out of the money puts such as the Nov. 800'0 strike to collect the premium.
Cattle: Yesterday Aug. Live Cattle closed 42 lower at 84.42 and the Oct. 40 lower at 89.82. I am currently recommending being long at present levels with a protective sell stop 125 points below your entry level.
Silver: July silver is currently 3 cents higher at 13.25. We remain long with a protective sell stop at 12.92.
S&P's: Sept. S&P's are currently 3.00 lower at 892.50. I am still looking at the market as a trading affair between 883.00 and 903.00 favoring the long side of the market on breaks. Over the next few sessions we will start seeing 2nd quarter earnings report which will have an influence on the market.
Currencies: As of this writing the Sept. Euro is 51 higher at 1.4011, the Swiss 20 higher, the Yen 4 higher and the Pound 42 lower at 1.6207. If you remain short the Pound either take profits or continue to use a protective buy stop at 1.6340. If the market trades below the 1.6120 level, lower your buy stop to the 1.6290 level. The Sept. Dollar Index is currently 17 lower at 80.53.