Financials: Sept. Bonds are currently 13 higher at 128'10. This morning's weekly Unemployment Report showed an increase in claims of 19,000 vs. an expectation of a decline of 2,000. Near term support remains at 127'18 and near term resistance at 128'28. I remain on the sidelines.
Grains: Yesterday Nov. Beans closed 6 cents higher, Dec. Corn 11 higher and Dec. Wheat 45 higher. Over night Beans were 15 higher, Corn 18 higher and Wheat up the 60 cent limit. Concern for the Russian Wheat crop keeps driving all the Grains higher. We remain long out of the money call spreads in Dec. Corn. Start looking for profit taking opportunities or "roll" your positions into higher strike prices as call spreads come fully into the money.
Cattle: Yesterday Live Cattle closed 100+ higher and Feeder Cattle closed 60-110 higher depending on the contract month. My recommended buy stops against remaining short Oct. Live Cattle positions have been penetrated putting us on the sidelines. This morning Feeder Cattle are 100+ lower due to higher Grain prices overnight. Live Cattle are currently slightly higher. If you are a producer, remain hedged.
Silver: Sept. Silver is currently 3 cents higher at 18.39. Yesterday the market made a new recent high of 18.70 intraday only to once again fail to close above the 18.50 resistance level. We remain long the Dec. Silver 20/22 call spread.
S&P's: Sept. S&P's are currently 6.50 lower at 1118.25. The market is trading lower due to the disappointing weekly jobs report.We remain short the Sept. 1140 call.
Currencies: As of this writing the Sept. Euro is 4 lower at 1.3169, the Swiss 63 higher at .9571, the Yen 62 higher at 1.1658 and the Pound 18 lower at 1.5874. The Euro is starting to show a bit of weakness above the 1.3200 level and the Yen remains strong against most other currencies including the Dollar. To be honest, after my recent losses on the short side of the Euro I am still hesitant to trade these markets and remain on the sidelines for the moment.