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Financials: Dec. Bonds are currently 12 lower at 120'10, the 10 Yr. Notes 7 lower at 117'16, the 5 Yr. Notes 2 lower at 115'24 and the 2 Yr. Notes 1 lower at 108'10. My only remaining positions: short the Dec. Bonds and the Dec. Bonds 116'00 put. This mornings Unemployment Report showed the following: Non-farm payrolls down 216,000 versus an average estimate of down 233,000. July's report was revised to down 463,000 from 443,000. The unemployment rate is 9.7% versus expectations of 9.5%. I must say that I feel there is something in the wind so to speak. Short term rates, TBills and Eurodollars, have stayed too low for too long. Gold and Silver have rallied in the last few days against all major currencies, not just the dollar. Rumors of bank failures, flights to quality such as Gold and Silver, Bonds and short term instruments have buoyed these markets over the last few sessions. Given all this, I am going to err on the side of caution and not recommend any new positions for a few days.
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