Theme 8-27

Dudley’s comments from yesterday still providing a Lift to Risk,Can delay September liftoff..

GDP Stronger than Consensus,Put Sept Hike back in conversation.Good is good and bad is bad in regards to Spoos.They rallied following GDP Report as signs of strength in USA is  good For stocks amidst Global slowdown fears.

Rally in China stocks Good for beans,Cattle and all commodities

9:00 International Grain council said that World Wide grain stocks will hit a 29 year high.After initial china euphoria   more supply should weigh on prices.

Still talk of China Selling Bonds to cover yuan intervention,But Bill gross and Morgan Stanley have questioned validity of statement.

11:00  Massive amount of Short covering  in Oil as it traded above a prior days high for first time in 2.5 weeks.Energy sector was +3%,helping spoos to register a $37 dollar gain.Dollar is higher  during this,Adjust your playbook! JPY continues to trade lower and should be  good for Risk

2:30   Stock Imbalances lean toward buy of $200m   seems very light.Some may have been expecting a larger Imbalance on buy side as .Dow and spx all over the map

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