S&P's: Sept. S&P’s are currently 4.00 higher at 892.50. Yesterday the market traded through my recommended support level of 896.00. If you went long at this level I recommend using a protective sell stop at 885.50. Near term resistance is currently the 908.00. As I have mentioned over the last few days I am only looking for short term trades at the moment. If the market trades above the 905.00 level, take profits from any new long positions.
Currencies: As of this writing the Sept. Euro is 137 higher at 1.4000, the Swiss 110 higher, the Yen 7 higher and the Pound 17 higher at 1.6359. The Sept. Dollar Index is currently 56 lower at 80.560. My only currency recommendation at this time is to go short the British Pound if the market rallies above the 1.6600 level.
Financials: Sept. Bonds are currently 11 lower at 116’00, the 10 Yr. Notes 7 lower, the 5 Yr. Notes 5 lower and the 2 Yr. Notes 2 lower. Dec. Eurodollars are 2 lower at 98.980. We remain short the Dec. Eurodollars with a small loss. My downside objective is currently the 98.770 level. As for Sept. Bonds, I remain on the sidelines and will look at rallies above the 117’04 level as an opportunity to go short if the market allows.