In This Issue

December Rollover Notice

September Monthly Futures Market Memo

Economic Reports and Expiration Notices

September 10th, 2008 - Issue #445

December Rollover Notice

Please note that Equity Indices products ES, NQ, EMD and YM roll on Thursday, September 11th at 8:30 am Chicago time from the September 08 contract to the December 08 contract.

The month code for December is 'Z'.

Last trade for September Currencies is Monday, September 15th. Please close any open September Currencies position by the close on Friday the 12th.

Should you have any further question please contact your broker.

Also note that the ER2Z8 contract will not be carried by the CME. The equivalent Russell contract will be available shortly at the ICE exchange.

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September Monthly Futures Market Memo

by MF Global Research

DEBT MARKETS

Treasury prices are expected to rise slowly in September. TYZ8 should find support at 115-19 and work toward 119-16. The market will be supported by on going weakness in the U.S. economy and a deceleration in global economic growth. Moreover, credit stress remains and money is flowing out of the emerging markets in the wake of a downward revision to the global growth outlook, growing tensions between Russia and the West, and a slump in the Korean won. The U.S. unemployment rate should work toward 6.0%, although the recent ISM employment reading points to the chance for surprise labor market strength. Consumer demand will remain weak despite some relief from lower fuel prices. Additionally, business spending will be cautious given the weakening profit outlook and political uncertainty into the U.S. election. Overseas, the U.K. economy is in recession, and Euro-zone growth is contracting with PMI indices below 50 and retail sales contracting. EM growth is also at risk given a budding currency crisis in Korea, tight monetary policy in India, and political uncertainty in Eastern Europe. On credit, Fitch has noted on going deterioration in auto asset backed securities and option adjusted mortgages. Inflationary pressures are elevated but likely to moderate given the reduction in energy prices and soft labor market. Fed policy will be unchanged until after the U.S. election. The main bearish factor for the treasury market rests in poor valuation.

~Kalivas/Hoversen

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Report includes analysis of the equity market, currencies, precious metals, energies, grains, crb, and trade recommendations.

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Disclaimer:

Trading commodity futures and options involves substantial risk of loss. The recommendations contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results. This is not a solicitation of any order to buy or sell, but a current futures market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!

Economic Reports and Expiration Notices

Source: Moore Research Center, Inc.

* Please note that the information contained in this letter is intended for clients, prospective clients, and audiences who have a basic understanding, familiarity, and interest in the futures markets.

** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.

*** This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!