Financials: Sept. Bonds are currently 20 lower at 116'13, the 10 Yr. Notes 15 lower at 115'18, the 5 Yr. Notes 9 lower at 114'13 and the 2 Yr. Notes 3 lower at 108'00.5. Dec. Eurodollars are 5 lower at 99.230. We remain short the Dec. Eurodollars. My near term downside objectives have been met in the Bonds with today's market slightly below yesterday's support level of 116'20. My bias has once again changed and I will be looking to trade this market from the long side on a break below the 115'28 level if the market allows. Near term resistance is now the 118'14 level.
Grains: Yesterday Nov. Beans were a penny higher, Dec. Corn 3 lower and Dec. Wheat 7 lower. Over night Beans were 11 higher, Corn 3 higher and Wheat 3 higher. Support and resistance for Dec. Corn is currently 347'0 to 383'0. My general bias remains to the upside. If you are long the Dec. Corn 360 call either take profits or roll your position into a higher strike price. An alternative would be to sell a call at a higher strike (400 or higher) against your current position resulting in a bull call spread. Support and resistance for Nov. Beans remains at 980'0 to 1060'0.
Cattle: Yesterday Live Cattle closed 20 -60 lower with the Aug. closing 37 lower at 84.07 and Oct. closing at 60 lower at 89.72. This morning the market looks about 40 lower. If you remain long continue to use a protective sell stop on the Aug. contract at 83.60 and the Oct. contract at 88.75.
Silver: Sept. Silver is currently 10 cents higher at 14.79. The market is now slightly above yesterday's resistance of 14.75. If you remain long either take profits or raise your sell stop to your break even level or 13.75. The next level of resistance is the 15.05 level. If this level is reached, again, either take profits or raise your sell stop to the 14.30 level.
S&P's: Sept. S&P's are currently 1.00 lower at 1003.75. As mentioned yesterday I remain on the sidelines as I am obviously out of step with my downside bias to this market. Support is currently 982.00 and resistance 1006.00.
Currencies: As of this writing the Sept. Euro is unchanged at 1.4389, the Swiss 20 lower at 94.06, the Yen 5 lower at 1.0497 and the Pound 55 higher at 1.6975. I continue to recommend being long out of the money puts and/or put spreads in the Yen. I continue to like the short side of the Pound. The Sept. Dollar Index is currently 6 points lower at 77.820. I feel that this market is now in support.