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The time frame for this week’s the Commitments Of Traders Report is Wednesday August 6 – Tuesday August 12.

Soybeans:

For the week, September soybeans lost 11.25 cents, November -32.75, January 2015 -32.25. The COT report revealed that managed money liquidated 359 contracts of their long positions and also liquidated 2,471 contracts of their short positions. Commercial interests added 5,647 contracts to their long positions and also added 11,368 to their short positions. As of the latest report, managed money is long soybeans by ratio of 1.46:1, which is up slightly from the previous week of 1.42:1 and the ratio of 2 weeks ago of 1.44:1.

Soybean meal: December soybean meal is close to generating a short-term buy signal.

For the week, September soybean meal gained $20.40, October +4.30, December +2.90. The COT report revealed that managed money added 2,950 contracts to their long positions and liquidated 4,530 of their short positions. Commercial interests liquidated 2,014 contracts of their long positions and added 7,634 to their short positions. As of the latest report, managed money is long soybean meal by ratio of 2.91:1, which is up substantially from the previous week of 2.30:1 and the ratio of 2 weeks ago of 2.33:1.

We have not written about soybean meal in quite some time because there has been little to report. However, we are beginning to see new signs of life in soybean meal, and it appears that it is close to generating a short-term buy signal.On January 10, 2014 December soybean meal made its contract low at 337.10.There have been 4 occasions when there was an attempt to test the contract low: First, on July 11 (340.00 ), July 23 (340.30) , August 6 (340.20) , August 12 (338.90). Despite, the very bearish outlook for the soybean complex, December soybean meal has been unable to break below the contract low of January 10. Essentially, from July 11 through August 15, December soybean meal has been trading sideways, however it now looks like a buy signal is on the horizon.

From July 11 when December soybean meal first attempted to test the contract low of 337.10 through August 15, soybean meal has advanced 2.46% while November soybeans lost 2.14% and December soybean oil -10.15%.In other words, soybean meal is resisting the very strong bearish tilt of soybeans and soybean oil. Comparing soybean meal’s performance to the rest of the grain complex during July 11-August 15, only December Chicago wheat compares favorably with a gain of 2.88% while December Kansas City wheat lost 1.93% and December corn – 2.01%. Additionally, December soybean meal is the only commodity in the grain complex that has advanced year to date.

During the month of August, prices have gradually risen and from August 1 through August 14, total open interest has increased by 16,805 contracts while December soybean meal has advanced $8.70. This is bullish and a very large open interest increase considering the magnitude of the advance. On August 14, when December soybean meal advanced $9.00, total open interest increased by a massive 10,310 on volume of 104,165 contracts, which relative to volume is approximately 300% above average, meaning that massive numbers of new longs were entering the market and driving prices higher.

Preliminary stats for trading on August 15 show that total open interest increased by 2,816 contracts on volume of 87,366, which relative to volume is approximately 30% above average. Keep in mind that preliminary open interest stats are unreliable and we only use final open interest numbers in our reports. However, the sizable increase of open interest from August 1 through August 14 on price advances indicate that smart money is getting long. Another positive factor for soybean meal is that December corn is on the verge of generating a short-term buy signal as well. If there is a weather scare, soybean meal will likely be the disproportionate beneficiary of the event.

Another very positive signal is that the inversion of the near month spread continues to widen. For example, on Friday, the September 2014-December 2014 spread closed at $34.80 premium to September, which broke above the June 4 high of 34.10 premium to September. On June 4, December soybean meal closed at 391.30, which is $37.80 above Friday’s close.

For December soybean meal to generate a short-term buy signal, the low of the day must be above OIA’s key pivot point of $353.00. The fact that December soybean meal closed at 353.50 on August 15 is very positive and increases the likelihood of a short-term buy signal.

Soybean oil:

For the week, September soybean oil lost 2.65 cents, October -2.66, December -2.66. The COT report revealed that managed money liquidated 2,166 contracts of their long positions and added 9,034 contracts to their short positions. Commercial interests added 447 contracts to their long positions and also added 1,775 contracts to their short positions. As of the latest report, managed money is short soybean oil by ratio of 1.22:1, which is up significantly from the previous week of 1.05:1 and the ratio of 2 weeks ago of 1.10:1.

The current ratio of 1.22:1 is the highest short ratio we have seen during the current bear market in soybean oil.

Corn: December corn is close to generating a short-term buy signal.

For the week, September corn advanced 14.00 cents, December +13.50, March 2015 +13.75. The COT report revealed that managed money added 4,095 contracts to their long positions and also added 14,559 to their short positions. Commercial interests liquidated 18,517 contracts of their long positions and also liquidated 15,273 of their short positions. As of the latest report, managed money remains long corn by ratio of 1.34:1, which is down from the previous week of 1.41:1 and the ratio of 2 weeks ago of 1.40:1.

The current ratio of 1.34:1 is the lowest ratio of long positions we have seen during the current bear market. This is positive considering that December corn is on the verge of generating a short-term buy signal, and if this occurs, the larger than usual short interest of speculators will add fuel to the upside move.Robust ethanol prices will keep corn use at a high level.

From the August 14 report:

“It is conceivable that corn may generate a short-term buy signal, but we would view this as temporary.If the daily low in the December contract is above OIA’s key pivot point of $3.75 7/8, December corn will generate a short-term buy signal.The fundamentals for corn are bearish, however, exports for the 2014-2015 season have been robust. Additionally, as we pointed out in the August 12 report, the contract low of 3.58 made on very heavy volume appears to be an interim low.”

Chicago wheat: On August 13, December Chicago wheat generated a short-term sell signal, which reversed the short-term buy signal of August 7. December Chicago wheat remains on an intermediate term sell signal.

For the week, September Chicago wheat advanced 2.00 cents, December -2.50, March 2015 -1.75. The COT report revealed that managed money liquidated 186 contracts of their long positions and also liquidated 6,621 contracts of their short positions. Commercial interests liquidated 2,295 contracts of their long positions and added 5,949 to their short positions. As of the latest report, managed money is short Chicago wheat by ratio of 1.82:1, which is down from the previous week of 1.90:1 and the ratio of 1.98:1.

The ratio of 2 weeks ago of 1.98:1 was the highest short ratio we have seen during the current bear market.

Kansas City wheat:

For the week, September Kansas City wheat lost 9.50 cents, December -8.50, March 2015 -8.75. The COT report revealed that managed money liquidated 2,944 contracts of their long positions and also liquidated 1,407 of their short positions. Commercial interests liquidated 395 contracts of their long positions and also liquidated 3,026 of their short positions. As of the latest report, managed money is long Kansas City wheat by ratio of 1.57:1, which is down slightly from the previous week of 1.60:1, but up from the ratio of 2 weeks ago of 1.52:1.

Thus far in the 3rd quarter, December soybean meal is the out performer with a loss of 3.78%, December Chicago wheat -5.81%, November soybeans -9.09%, December Kansas City wheat -10.23%, December corn -11.35%, December soybean oil -15.17%.

Year to date, December meal is the out performer with a gain of 1.06%, December Kansas City wheat -5.23%, November soybeans -7.31%, December Chicago wheat -12.02%, December corn -16.27%, December soybean oil -17.4%.

Cotton:

For the week, December cotton advanced 14 points, March 2015 +22, May 2015+15. The COT report revealed that managed money liquidated 405 contracts of their long positions and added 3,146 to their short positions. Commercial interests added 940 contracts to their long positions and liquidated 3,050 of their short positions. As of the latest report, managed money remains long cotton by ratio of 1.03:1, which is down significantly from the previous week of 1.13:1 and the ratio of 2 weeks ago of 1.21:1.

The current ratio of 1.03:1 is the lowest ratio of long positions since the beginning of the current bear market.

Sugar #11:

For the week, October sugar lost 22 points, March 2015 -1, May -3. The COT report revealed that managed money added 3,183 contracts to their long positions and also added 17,514 to their short positions. Commercial interests added 18,892 contracts to their long positions and also added 4,466 to their short positions. As of the latest report, managed money is short sugar by a ratio of 1.04:1, which is a complete reversal from the previous week when they were long by ratio of 1.04:1 and the ratio of 2 weeks ago when managed money was long by 1.15:1.

Coffee:

For the week, September coffee gained 7.90 cents, December +8.10, March 2015 +8.20. The COT report revealed that managed money liquidated 1,510 contracts of their long positions and added 1,110 contracts to their short positions.Commercial interests liquidated 1,156 contracts of their long positions and also liquidated 2,544 of their short positions. As of the latest report, managed money is long coffee by ratio of 7.26:1, which is down from the previous week of 9.04:1, but above the ratio of 2 weeks ago of 6.79:1.

The low for ratio occurred 3 weeks ago when it registered 4.64:1.

Cocoa:

For the week, September cocoa lost 1.00, December +28.00, March 2015 +32.00. The COT report revealed that managed money added 5,170 contracts to their long positions and also added 1,998 to their short positions. Commercial interests liquidated 1,936 contracts of their long positions and added 1,411 to their short positions. As of the latest report, managed money is long cocoa by ratio of 3.69:1, which is down slightly from the previous week of 3.78:1, but up slightly from the ratio of 2 weeks ago of 3.62:1.

Thus far in the 3rd quarter, December coffee is the out performer with a gain of 8.09%, December cocoa +3.78%, October sugar -11.60%, December cotton -12.46%.

Year to date, December coffee is the out performer with a gain of 60.82%, December cocoa +19.58%, October sugar -6.63%, December cotton -17.95%.

Live cattle:

For the week, October live cattle lost 2.25 cents, December +65 points, February 2015 + 1.50 cents. The COT report revealed that managed money liquidated 5,285 contracts of their long positions and added 952 to their short positions. Commercial interests added 391 contracts to their long positions and liquidated 5,095 of their short positions. As of the latest report, managed money remains long cattle by a stratospheric 16.05:1, which is down from a high reading of 19.27:1, and dramatically above the ratio of 2 weeks ago of 6.92:1.

The extremely high ratio of managed money longs in cattle is troubling, especially since prices have declined precipitously and made a low of 1.44925 on August 13, nearly a 16 cent decline from contract highs made approximately 3 weeks ago. It is apparent that managed money is digging in and refusing to liquidate, which we think will tend to keep a lid on rallies. Longs with losses will attempt to recoup them on rallies while those with profits will be looking increase profits.The summer grilling season is coming to a close, and the Russian ban on poultry imports along with the collapse of hog prices will provide significant competition to beef. Despite significantly lower prices, October cattle has not yet generated an intermediate term sell signal, and only generated a short-term sell signal on August 7. Stand aside

Lean hogs:

For the week, October lean hogs lost 4.37 cents, December -10 point, February 2015 -55. The COT report revealed that managed money liquidated 1,911 of their long positions and added 1,929 to their short positions. Commercial interests liquidated 479 contracts of their long positions and also liquidated 1,227 of their short positions. As of the latest report, managed money is long hogs by ratio of 6.01:1, which is down substantially from the previous week of 6.83:1 but down only slightly from the ratio of 2 weeks ago of 6.08:1.

Remarkably, according to the current COT report tabulated on August 12, managed money is net long hogs by 50,074 contracts compared to holding a net long position of 57,196 in the July 8 COT report. In other words from July 8 through August 12, just 7,122 contracts have been liquidated from the net long position of managed money during the time that October hogs lost 19.125 cents. As we said in last weekend’s, and we reiterate the point this week, there remains plenty of fuel to fund a continued downside move in lean hogs. Like cattle, rallies will likely be muted due to distressed sellers long at significantly higher prices looking to trim losses.

Thus far in the 3rd quarter, December cattle is the out performer with a loss of 2.04%, October cattle -3.73%, December lean hogs -9.69%, October lean hogs – 16.64%.

Year to date, December cattle is the out performer with a gain of 14.47%, October lean hogs +13.37%, October cattle +12.70%, December lean hogs +12.01%.

WTI crude oil:

For the week, September WTI crude oil lost 30 cents, October – $1.52, November -1.68. The COT report revealed that managed money liquidated 16,113 contracts of their long positions and added 2,506 to their short positions. Commercial interests added 447 contracts to their long positions and liquidated 13,177 of their short positions.As of the latest report, managed money is long WTI crude oil by ratio of 5.44:1 which is down from the previous week of 6.08:1 and the ratio of 2 weeks ago of 8.14:1.

The current ratio of 5.44:1 is the lowest since the COT tabulation date of January 21, 2014 when managed money was long WTI crude oil by ratio of 4.21:1.

This past week, we advised taking profits on the short call position recommended on July 21 and did so for 2 specific reasons. (1) Open interest increases on price declines indicated that market participants were beginning to get bearish after prices had already fallen, and from that we concluded the Johnny-come-lately’s were getting bearish at the low-end of the trading range. (2) Despite the move lower, the inversion of the front months continued and the September contract gained 53 cents over the October in Friday’s trading. Additionally, the October 2014 contract gained 14 cents over the December 2014. In short the inversion is widening, which is not bearish.In a serious bear market, the inversion should be collapsing and moving into contango.  Good profits were made on the short call trade, which we recommended at much higher prices. At this juncture, we recommend a sideline stance.

Heating oil:

For the week, September heating oil lost 2.89 cents, October -2.96, November -2.96. The COT report revealed that managed money added 3,856 contracts to their long positions and liquidated 1,739 contracts of their short positions. Commercial interests liquidated 9,510 contracts of their long positions and added 2,201 contracts to their short positions. As of the latest report, managed money is short heating oil by ratio of 1.36:1, which is down substantially from the previous week of 1.62:1, but above the ratio of 2 weeks ago of 1.24:1.

Gasoline:

For the week, September gasoline lost 5.51 cents, October -4.98, November -4.74. The COT report revealed that managed money added 2,288 contracts to their long positions and liquidated 1,482 contracts of their short positions. Commercial interests liquidated 1,729 contracts of their long positions and added 1,934 to their short positions. As of the latest report, managed money is long gasoline by ratio of 2.20:1, which is up substantially from the previous week of 2.01:1 and the ratio of 2 weeks ago of 2.05:1.

Ethanol:

For the week, October ethanol advanced 11.4 cents and made a new contract high of $2.087.

Natural gas:

For the week, September natural gas lost 18.6 cents, October -17.3, November -16.6. The COT report revealed that managed money liquidated 2,011 contracts of their long positions and also liquidated 4,639 of their short positions. Commercial interests liquidated 4,405 contracts of their long positions and also liquidated 3,741 contracts of their short positions. As of the latest report, managed money remain short natural gas by ratio of 1.01:1, which is down slightly from the previous week of 1.02:1 and a complete reversal from 2 weeks ago when managed money was long natural gas by ratio of 1.05:1.

Natural gas was a major disappointment this past week and closed at $3.807, which is the lowest close since 3.805 on July 30.It appeared that natural gas had made its seasonal low 3.740 on July 28, but now it looks likely this low will be tested. As the August 10 weekend report confirms, we told clients to stand aside until natural gas made a daily low above our pivot point of 4.010. This never occurred, and the market proceeded to sell off. We think there will be an opportunity on the long side of natural gas, but recommend clients be patient until the signal is generated.October natural gas remains on a short and intermediate term sell signal.

From the August 10 Weekend Wrap:

“The October contract will generate a short-term buy signal when the daily low is above OIA’s key pivot point of 4.010. Once this occurs, natural gas should have a pullback lasting 1-3 days and this will be the opportunity to initiate bullish positions. If natural gas is unable to make its daily low above our pivot points, the market will trade sideways and possibly attempt to test the July 28 low. Until the buy signal is generated, we recommend a stand aside posture.”

Thus far in the 3rd quarter, October ethanol is the out performer with a gain of 5.99%, October heating oil -4.92%, October Brent crude oil -7.64%, October WTI crude oil -8.56%, October gasoline -9.39%, October natural gas -14.21%.

Year to date, October ethanol is the out performer with a gain of 20.13%, October WTI crude oil +1.10%, October gasoline -3.21%, October Brent crude oil -3.83%, October heating oil -5.08%, October natural gas -8.48%.

Copper: On August 14, September and December copper generated an intermediate term sell signal, after generating a short-term sell signal on August 6.

For the week, September copper lost 7.05 cents. The COT report revealed that managed money liquidated 14,387 contracts of their long positions and added 824 contracts to their short positions. Commercial interests added 147 contracts to their long positions and liquidated 7,314 of their short positions. As of the latest report, managed money is long copper by ratio of 1.92:1, which is down dramatically from the previous week of 2.72:1 and the ratio of 2 weeks ago of 3.15:1.

The current ratio of 1.92:1 is the lowest since the June 24, 2014 COT tabulation date when managed money was long copper by ratio of 1.70:1.

We had been warning clients away from copper for quite some time and as we pointed previously, the Shanghai Composite Index has been rallying sharply from July 22, and through August 15, closed at the highest level (2226.73) on the weekly chart since the week of December 2, 2013 (2237.11). During this time, September copper is flat (+0.010%). The fact that copper was unable to advance during the very strong rally in the Shanghai Composite Index underscores its weakness. The rally in the Shanghai index looks solid and the 50 day moving average just crossed above the 200 day moving average for the first time in over a year. On the other hand, the 50 day moving average for the September copper contract is about to cross below the 200 day moving average. Copper is significantly oversold, and due for a bounce, possibly to the 5 day moving average of 3.1270 and less likely, the year to date moving average of 3.1471.

Palladium: On August 15, September Palladium made a high of $896.00, which is the highest price for Palladium on the continuation chart for at least 10 years.

For the week, September palladium advanced $34.00. The COT report revealed that managed money liquidated 379 contracts of their long positions and also liquidated 158 of their short positions. Commercial interests added 161 contracts to their long positions and liquidated 905 of their short positions. As of the latest report, managed money is long palladium by ratio of 4.11:1, which is up slightly from the previous week of 4.07:1 but down from the ratio of 2 weeks ago of 5.12:1.

Not much as changed since the May 26 report (see below), except that palladium is trading significantly above the level of May 23, the Friday before the May 26 weekend report when September palladium closed at $832.20.From May 23 through August 15, September palladium prices have advanced 7.71% while platinum has declined 1.03%,December gold +1.04% September silver +0.72%. 

Remarkably, managed money is net long 38,489 contracts of platinum while only net long 19,464 contracts of palladium. It appears that palladium is headed much higher, and the very low net long position of managed money indicates there is more firepower on the sidelines that may be willing to enter the market once the palladium story becomes publicized in the financial press. The only problem with palladium is its liquidity, which is definitely a barrier to professionals who trade sizable positions. Average daily volume for July was 4,446 contracts.

However, palladium can be traded through its ETF, ticker symbol PALL, and it tracks the futures contract rather well. For example during the 3rd quarter to date, the September palladium contract is trading 6.06% higher  while the ETF has advanced 5.80% in the same time frame. Year to date, the September contract has advanced 24.11% while the ETF has gained 24.91%. Additionally, volume is respectable for the ETF, trading an average of over 53 thousand shares per day. Keep in mind that the ETF is overbought relative to its 20 day moving average of 84.80 and the 50 day moving average of 83.50. PALL closed at $86.96 on Friday.

From the May 26, 2014 Weekend Wrap:

“It continually surprises us that the ratio of managed money longs is considerably higher in platinum than palladium. Not only is palladium beating platinum during the 2nd quarter, it is outperforming year to date. We suspect that most people would be surprised to know that palladium is approaching highs last seen in 2011 when palladium made its high of 845.00 on February 15, 2011 and a secondary high on July 27, 2011 at 842.00.In order to put the performance of palladium in perspective, consider that from July 27, 2011 through May 23, 2014, palladium is trading only $14.00 lower, or – 1.66% while platinum is trading $334.60 lower or -18.51%, Yet the long to short ratio for platinum is 14.14:1 whereas palladium’s ratio is 5.42:1.”

Platinum:

For the week, October platinum lost $21.10. The COT report revealed that managed money added 355 contracts to their long positions and liquidated 755 contracts of their short positions. Commercial interests liquidated 131 contracts of their long positions and also liquidated 484 of their short positions. As of the latest report, managed money is long platinum by an unbelievable 27.95:1, which is up dramatically from the previous week of 16.14:1 and the ratio of 2 weeks ago (which was the previous high) of 23.61:1.

The massive increase in this week’s ratio was due primarily to the sizable liquidation of short positions which represented a large percentage of outstanding short positions held by managed money.

Gold:

For the week, December gold lost $4.80. The COT report revealed that managed money added 14,538 contracts to their long positions and liquidated 11,210 of their short positions. Commercial interests liquidated 1,755 contracts of their long positions and added 6,087 to their short positions. As of the latest report, managed money is long gold by ratio of 6.31:1, which is up dramatically from the previous week of 3.74:1 and the ratio of 2 weeks ago of 5.01:1. Three weeks ago, managed money was long gold by ratio of 6.61:1.

Silver: On August 14, September and December silver generated an intermediate term sell signal after generating a short-term sell signal on July 28.

For the week, September silver lost 41.6 cents. The COT report revealed that managed money liquidated 1,487 contracts of their long positions and added 5,037 contracts to their short positions. Commercial interests added 3,004 contracts to their long positions and liquidated 76 contracts of their short positions. As of the latest report, managed money is long silver by ratio of 2.14:1, which is down substantially from the previous week of 2.99:1 and down dramatically from the ratio of 2 weeks ago of 5.76:1.

Thus far in the 3rd quarter, September palladium is the out performer with a gain of 6.06%, December gold -1.73%, October platinum -2.10%, September copper -3.01%, September silver -7.09%.

Year to date, September palladium is the out performer with a gain of 24.11%, December gold +8.32%, October platinum +5.75%, September silver +0.64%, September copper -7.66%.

Canadian dollar:

For the week, the September Canadian dollar advanced 68 pips. The COT report revealed that leveraged funds liquidated 6,018 contracts of their long positions and also liquidated 1,410 contracts of their short positions. As of the latest report, leveraged funds remain long the Canadian dollar by ratio of 1.10:1, which is down from the previous week of 1.29:1 and the ratio of 2 weeks ago of 1.24:1.

Australian dollar:

For the week, the September Australian dollar gained 53 pips. The COT report revealed that leveraged funds liquidated 5,989 contracts of their long positions and also liquidated 2,089 contracts of their short positions. As of the latest report, leveraged funds are long the Australian dollar by ratio 2.70:1, which is about the same as the previous week of 2.72:1, but down from the ratio of 2 weeks ago of 2.94:1.

Swiss franc:

For the week, the September Swiss franc gained 32 pips. The COT report revealed that leveraged funds liquidated 3,852 contracts of their long positions and also liquidated 5,486 of their short positions. As of the latest report, leveraged funds are short the Swiss franc by ratio of 2.93:1, which is up substantially from the previous week of 2.44: 1 and up dramatically from the ratio of 2 weeks ago of 1.86:1.

The current ratio of 2.93:1 is the highest short ratio since the beginning of the recent bear market in the Swiss franc.

British pound:

For the week, the September British pound lost 77 pips. The COT report revealed that leveraged funds liquidated 5,249 contracts of their long positions and also liquidated 5,137 contracts of their short positions. As of the latest report, leveraged funds are long the British pound by ratio of 2.51:1, which is up slightly from the previous week of 2.38:1, but down from the ratio of 2 weeks ago of 2.78:1.

Euro:

For the week, the September euro lost 13 pips. The COT report revealed that leveraged funds liquidated 3,311 contracts of their long positions and also liquidated 4,098 of their short positions. As of the latest report, leveraged funds are short the euro by ratio of 2.91:1, which is up from the previous week of 2.81:1 and the ratio of 2 weeks ago of 2.35:1.

The current ratio of 2.91:1 is the highest recorded during the current bear market in the euro.

The September euro is massively oversold, and we think it is well overdue for a rally. The rally could be of surprising magnitude because the net short position is very high in leveraged funds and other categories. For example, in the category of “Other Reportables”, the short to long ratio is 2.37:1 and is 1.58:1 under the heading “Asset managers/Institutions.” In other words, everybody is short the euro, and when this occurs, the chances for a rally increase significantly. On August 6, the September euro made its low for the move at 1.3335 and this was unsuccessfully tested on August 12 when the September euro made a low of 1.3338. If short, we recommend lightening up on positions at a minimum.

Yen:

For the week, the September yen lost 28 pips. The COT report revealed that leveraged funds added 1,662 contracts to their long positions and liquidated 5,710 of their short positions. As of the latest report, leveraged funds are short the yen by a ratio of 3.78:1, which is down from the previous week of 4.29:1 and the ratio of 2 weeks ago of 4.32:1.

Dollar index:

For the week, the September dollar index gained 1 point. The COT report revealed that leveraged funds added 750 contracts to their long positions and also added 1,449 contracts to their short positions. As of the latest report, leveraged funds are short the dollar index by ratio of 1.29:1, which is up slightly from the previous week of 1.27:1, but down from the ratio of 2 weeks ago of 1.36:1.

Thus far in the 3rd quarter, the September dollar index is the out performer with a gain of 2.07%, September Australian dollar -0.75%, September yen -1.04%, September Swiss franc -1.83%, September Canadian dollar -1.98%, September euro -2.18%, September British pound -2.35%.

Year to date, the September Australian dollar is the out performer with a gain of 6.03%, September yen +2.71%, September dollar index +1.19%, September British pound +0.98%, September Swiss franc -1.75%, September Canadian dollar -1.89%, September euro -2.84%.

S&P 500 ( 250 x):

For the week, the September S&P 500 futures contract gained 28.70 points. The COT report revealed that leveraged funds added 2,072 contracts to their long positions and liquidated 4,917 contracts of their short positions. As of the latest report, leveraged funds are short the S&P 500 futures contract by ratio of 1.54:1, which is down dramatically from the previous week of 2.45:1, but up from the ratio of 2 weeks ago of 1.28:1.

Thus far in the 3rd quarter, the NASDAQ 100 cash index is the out performer with a gain of 3.59%, S&P 500 cash index -0.26%, Dow Jones Industrial Average cash index -0.97%, New York Composite cash index – 1.67%, S&P 400 cash index -2.61%, Russell 2000 cash index -4.30%.

Year to date, the NASDAQ 100 cash index is the out performer with a gain of 11.01%, S&P 500 cash index +5.77%, S&P 400 cash index +3.95%, New York Composite Cash index +3.80%, Dow Jones Industrial Average cash index +0.52%, Russell 2000 cash index -1.89%.