Financials: Sept. Bonds are currently 3 lower at 139’10, 10 Yr. Notes 2 lower at 125’29 and 5 Yr. Notes 0.5 lower at 119’19.0. These markets have been quite volatile (Bonds rallied as high as 140’11 on Friday) as the markets flip-flopped on every bit of news concerning Russia-Ukraine, Iraq, Israel-Gaza hit the market. Yields on the widely watched 10 Yr. Note drop to 2.38% before bouncing back to 2.42%. The market for the moment seems to care more about Russia (sanctions and military games) than the mideast.That being said we remain spread long 10 Yr. Notes/short Bonds which is currently at 13’13 premium the Bonds (the position was initially entered at about 12’12 premium the Bonds). I believe these international situations will take months if not years to resolve and there is no quick fix.
Grains: Dec. Corn is currently 1’2 higher at 364’6, Nov. Beans 1’0 lower at 1083’6 and Dec. Wheat 2’6 lower at 563’2. We have no positions at this time and continue to watch the 1055’0 area in Nov. Beans as support. Crop production report on Tues. at 11:00a.m. Sanctions against Russia and Russian food sanctions against (Russia has stopped the importation of food, etc.)Europe and U.S., will continue to be a subjective factor effecting the markets.
Cattle: Both Oct.LC and Oct.FC have dropped significantly (600 points) to 150.00 and 213.97 respectively since Russia announced a ban on Food imports since my last “report” on Wed. Aug. 6th. We have taken profits on the Oct. 144 puts above 80 points and will once again retreat to the sidelines. The early call is lower.
Silver: Sept. Silver is currently 3 cents higher at 19.98 and Dec. Gold 1.5 dollars lower at 1308.50 We remain long Silver. If you went long Silver on last Wed. break below the 19.85 level either take profits or raise your sell stop to the 12.74 level.
S&P's: Sept. S&P’s are currently 9.00 higher at 1932.75. Last week we took profits on the combination of short Futures and short the Sept. 1900 put. I am ready to re-enter the market from the short side with a 10.00 stop fpr protection. If the market trades below 1926.00 either take profits or lower your stop to the 1937.00.
Currencies: The Sept. Euro is currently 25 lower at 1.3388. We remain short with an objective of the 1.3200 area. I recommend a protective buy stop at 1.3504 at the moment. If the market trades below 1.3330, lower your stop by 50 points.
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