Are investors starting to detect a whiff of unexpected inflation... or more importantly, is Bernanke and the Fed smelling it. The fear of more tightening sent quite a few folks running for the exits in equities and bonds today, and provided a bid to the dollar. The dollar strength drove down prices in most of the other commodities, notably Energy and the metals. So far it has been an interesting week, and we still have two more days to go.

We exited our Crude position today at the close, and we are very close to our stop level in YM, which would exit us completely from our Equities positions.

Our TNR model called for a trending day in ES, but unfortunately we were whipsawed out first thing in the morning for a loss of $532. Tomorrow we are calling for a reversion day in ES and NQ.

Our open 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	-2	$488	16		@KC.P	0	$0	0
@FV.P	-4	$6,488	73		@SB.P	3	$7,560	161
@EC.P	0	$0	0		@CT.P	0	$4,630	25
@JY.P	0	$0	0		@GC.P	3	$48,930	172
@CD.P	3	$5,080	20		@SI.P	1	$20,710	123
@C.P	0	$0	0		@HG.P	2	$83,575	240
@W.P	0	$0	0		@LB.P	0	$0	0
@S.P	0	$0	0		@ES	2	$0	0
@CL.P	1	-$3,660	22		@YM	3	-$635	45
@HO.P	1	-$1,590	26		@NQ	0	$0	0
		Total Open Trades			$171,575
		Total Closed Trades			-$27,128
		Total			$144,447

Good luck and have a great evening!