Our trend-following model (System B) continues to post gains in our open P/L. The nice thing is each day it seems like a different sector is contributing to the run-up. Today, it was pronounced late day weakness in the grains and strength in Sugar. Wheat set new contract lows today, and Sugar (and Copper) set new contract highs.

Sugar has had a tremendous run over the past 3 days. The fundamental story is that Brazil has switched over a large chunk of sugar from food use to ethanol production, and that is causing some supply tightness.

Our current positons:

Contract	ctrcts	Open P/L	days on		Contract	ctrcts	Open P/L	days on
@US.P	0	$0	0		@NG.P	0	$0	0
@TY.P	0	$0	0		@KC.P	0	$0	0
@FV.P	0	$0	0		@SB.P	3	$4,504	37
@EC.P	0	$0	0		@CT.P	0	$0	0
@JY.P	-1	$6,563	35		@GC.P	3	$5,290	48
@CD.P	0	$0	0		@SI.P	0	$0	0
@C.P	-4	$5,750	65		@HG.P	2	$25,050	116
@W.P	-3	$1,413	12		@LB.P	0	$0	0
@S.P	0	$0	0		@ES	0	$0	0
@CL.P	0	$0	0		@YM	0	$0	0
@HO.P	0	$0	0		@NQ	0	$0	0
		Total Open Trades			$48,569
		Total Closed Trades			$7,580
		Total			$56,149

Our TNR daytrading model finished with a slight gain on the day. We started long in ES, but were not able to reverse our position until much of the afternoon sell-off had already taken place. Fortunately, we caught the PM sell-off in NQ, which bailed us out of what might have been much worse. We ended the day up $123. Tomorrow TNR is calling for a neutral day in both contracts.

Good luck, and good night!