Financials: Sept. Bonds are currently 23 higher at 118'10, the 10 Yr. Notes 11 higher, the 5 Yr. Notes 8 higher and the 2 Yr. Notes 2 higher. Dec. Eurodollars are 3 higher at 99.295. We remain short the Dec. Eurodollars. I continue to look at the Bonds as a trading affair between 116'20 and 119'00 preferring the short side of the market on rallies. If you consider the Bonds too volatile, use either the 10 Yr. or 5 Yr. notes as a trading vehicle when the Bonds hit either support or resistance.
Grains: Yesterday Nov. Beans were 48 cents higher, Dec. Corn 19 higher and Dec. Wheat 21 higher. Over night Beans were 7 cents lower, Corn 4 lower and Wheat 10 lower. If you remain long Dec. Corn 360 calls either take profits or roll your position into a higher strike price. You might also consider selling an out of the money all against your present position resulting in a bull call spread. Support and resistance for Nov. Beans is currently 980'0 to 1060'0. Predicted hot weather and continued erosion of the dollar should support the grains on breaks.
Cattle: Yesterday Live Cattle closed 25 lower to 37 higher with deferred contracts gaining on the nearby Aug. If you remain long Aug. Cattle continue to use a sell stop at 83.60. If you are positioned in the Oct. contract continue to use a sell stop at 88.75. I recommend raising your sell stop by 50 points if either the Aug. or Oct. should trade 75 points higher today.
Silver: Sept. Silver is currently 15 cents higher at 14.40. If you remain long from below the 13.80 level either take profits or continue to use a protective sell stop at 13.35. If the market trades above the 14.75 level raise your sell stop to your break even level or take profits.
S&P's: Sept. S&P's are currently 5.00 lower at 996.00. I am currently on the sidelines. Near term support is 982.00 and near term resistance 1002.00.
Currencies: As of this writing the Sept. Euro is 5 lower at 1.4404, the Swiss 22 lower at 94.17, the Yen 59 higher at 1.0554 and the Pound 20 higher at 1.6939. I continue to recommend being long out of the money puts and/or put spreads in the Yen. I also like the short side of the Pound (I have been recommending being short above the 1.6600 level). The Sept. Dollar Index is unchanged at 77.750.