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Financials: Dec. Bonds are currently 2 lower at 118'01. If you continue to hold the combination of short Dec. Bonds and short the Dec. Bond 116'00 put, my strategy remains the same. Cover the Dec. 116'00 put at 15 points, if this is accomplished sell the Jan. 115'00 put at 1'00 or better. Yesterday's announcement by the Fed that there is no change in interest rates comes as no surprise. It is fully evident that short term rates will not change in the months to come, however, that does not mean that the spread between long term and short term rates will not change. I still feel that long term rates (30 Yr. Bonds and 10 Yr. Notes) are poised to head higher and that the spread between the 30 yr. and 10 Yr. will continue to narrow in terms of the futures markets (in terms of the rate of interest, the 30 Yr. will continue to pay a higher interest rate than the 10 Yr.) For the near term support in Dec. Bonds is 117'18 and resistance for the near term is 119'26. I will be a seller on rallies to resistance.
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