Where are we for the first trading day of Aug?

We are unchanged once again in the S&P for the year at 1111.

The first of month expected fund buying is already being anticipated with

the spu up 12 points. The question will be can it extend from here.

Copper, the barometer for growth, is basically unchanged on the year.

The long bonds are up 13 points

The Aussie is marginally higher with the Canada Having a slightly

better performance.

The oil is almost unchanged after having a few $10 swings.

The grains, in particular the Wheat , are having a monster summer rally.

Look to buy any significant pull back.

Keep a weather eye on the Brazilian Real. A weaker usd/brl ( stronger Real) will

translate into more commodity strength and global equity demand. The 170-172.50 area

usd/brl has been huge pivot all year.

The Pounds and the Euro have been particularly strong against the metals since the end of the qtr.

This should make investors very patient with the Gold

.