The grains showed some weakness today, which helped our corn position. We exited Wheat on Tuesday at the close, but today would have provided a better exit point. Sugar, Copper and Gold all looked good from our perspective today. Cotton is starting to look interesting, tracing out a large base over the past 18 months. We may be going long over the first quarter of 2006.

Our TNR model made a little money again today, primarily due to our getting short NQ in the morning and riding it all the way down to the 4:00 close. We were long ES in the morning, and hit our money management stop during the afternoon sell-off, and then went short around 3:00. We finished the day with a total net gain of $141. One item of interest is that we are now trading 3 contracts of ES, up from the 2 we have been trading recently. Position sizing is specified by the model, and this indicates that intraday volatility has been diminishing somewhat.

Our positions:

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	$13,744	66
@EC.P	0	$0	0		@CT.P	0	$0	0
@JY.P	-1	$6,100	65		@GC.P	3	$18,520	77
@CD.P	2	-$1,440	17		@SI.P	1	$3,655	28
@C.P	-4	$5,550	95		@HG.P	2	$37,175	145
@W.P	0	$0	0		@LB.P	0	$0	0
@S.P	0	$0	0		@ES	2	-$25	27
@CL.P	0	$0	0		@YM	0	$0	0
@HO.P	0	$0	0		@NQ	2	-$2,160	12
		Total Open Trades			$81,119
		Total Closed Trades			$6,280
		Total			$87,399

Good evening, and good luck!