Yesterday saw some good lows for now in the currencies,oil and the metals. This was the main reason we were pealing off positions in the SPU/Bonds and covering our Euro and Aussie shorts. The currencies were done more as a hedge against the metals rather than just a general risk off stance. We were just legging spreads to see which one was going to be correct. Since the close was right on our closing # to liquidate the rest of the SPU/BOND spread some took off the trade and some did not, so in an abundance of caution, we will write for those that still have a small piece left riding. We will also assume that investors do not have a short Aussie position left.

Investors should be long the JJG. We are looking to have a full long position in the metals by month end.

Today we are looking to sell rallies in the currencies and S&P. For now 1332 seems to be as good a high as any in the Spu. We’ll watch for a bit and then post further comments.