Financials: Sept. Bonds are currently 6 higher at 119'28, the 10 Yr. Notes unchanged at 117'24, the 5 Yr. Notes 1 lower at 115'30 and the 2 Yr. Notes unchanged at 108'17. Dec. Eurodollars are about unchanged 99.380. We remain short the Dec. Eurodollars and will cover the position if the market trades below the 99.200 level. We are also short Bonds and will use a protective buy stop at 121'06 for protection. If the market trades below 119'12 lower your buy stop to 120'19. Support is currently 117'14 and resistance 120'08.
Grains: Yesterday Nov. Beans were 27 cents lower, Dec. Corn 6 lower and Dec. Wheat 10 lower. Over night Beans were 11 lower, Corn 2 lower and Wheat 3 lower. We remain long out of the money calls and/or call spreads in Dec. Corn. We are also long Nov. Beans. At the moment I recommend using a protective sell stop at 915'0 for protection in the Beans. If the market trades above the 965'0 level, raise your sell stop to the 926'0 level. I feel this market is way overdone on the downside, given the fact that Beans have broken $1.20 since last weeks Crop Report.
Cattle: Yesterday Live Cattle closed 20-72 lower with the Oct. contract closing at 87.82. I remain on the sidelines.
Silver: Sept. Silver is currently 10 cents lower at 13.88. As mentioned yesterday, I am willing to reinstate long positions in this general area. If you trade multiple contracts (more than 1 at a time) I recommend only a partial position.
S&P's: Sept. S&P's are currently 2.50 lower at 980.25. As mentioned yesterday this market gave me a sell signal once the 984.00 level was broken, turning my bias to the short side of the market. Near term support is currently 963.00 and near term resistance 1004.00. I am a seller on rallies and recommend going short in the 992.00 area.
Currencies: As of this writing the Sept. Euro is 6 higher at 1.4088, the Swiss 5 lower at .9273, the Yen 30 lower at 1.0557 and the Pound 108 higher at 1.6446. I continue to recommend being long out of the puts and/or put spreads in the Dec. Yen. I also recommend the Dec. Pound 160/155 put spread (long the 160, short the 155). The Sept. Dollar Index is 5 lower at 79.35.