Today could easily wind up being an inflection point. Most of the interest rate sensitive sectors (bonds, equities, currencies) traced out substantial reversals after digesting Bernanke's remarks. Just looking at it in aggregate, it appears that the markets aren't taking Mr. Bernanke's inflation fighting credentials very seriously... If it was a staring contest between Bernanke and the market, Bernanke just blinked.

We added two new positions today amid all the turmoil - we sold 3 contracts of September Corn short at the close (again) and we sold 1 contract of Japanese Yen short at the close. Those positions will be reflected in tomorrow's reports.

Our TNR model was in neutral in both contracts today. Tomorrow we are looking for a reversion day in both contracts.

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	-$638	59		@KC.P	-1	$1,450	35
@FV.P	-4	$6,300	116		@SB.P	0	$0	0
@EC.P	0	$0	0		@CT.P	-3	$7,240	68
@JY.P	0	$0	0		@GC.P	0	$0	0
@CD.P	0	$0	0		@SI.P	0	$0	0
@C.P	0	$0	0		@HG.P	2	$83,700	282
@W.P	0	$0	0		@LB.P	-1	$4,002	41
@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			$102,055
		Total Closed Trades			-$4,506
		Total			$97,549

Good luck, and have a great evening!