Monday

War rhetoric dialed up and Iran will surely strike Israel soon in a bigger way.  Money boys want the sidelines, and the Dow got hit for 1031 points Monday, still at 38,848.  We are just erasing July gains here so far.  Would be very wary trying to catch that knife.  Bonds trade up to 126 27 in the flight to quality but settle back to 125.13 by the close, only 11 better.  I'd say the fear trade has passed for now but if the bonds find a bid I'd be running for the sidelines again.  Grains all in liquidation mode as well, Corn plus 4 1/4 to 390 3/4 and wheat struggles all day to close 1/2 better, 539 1/2.  Beans start sloppy but rally to 1031 1/2, up 13 1/2.  Rice recovered the last 2 days break, 1527 1/2, plus 33.  All the grains lost open interest.  I expect moving forward until something is settled with Israel the money boys will be looking to take risk off the table anywhere they can.