Dec. Bonds are currently 15 lower at 118'04, the 10 Yr. Notes 10 lower at 116'23, the 5 Yr. Notes 5 lower at 115'10 and the 2 Yr. Notes 1 lower at 108'09. We continue to hold the combination of short the Dec. Bonds and short the Dec. Bond 116'00 puts.
Yesterday Nov. Beans were 14 cents higher at 936'4, Dec. Corn 1 higher at 307'4 and Dec. Wheat 12'6 lower at 459'0. Over night Beans were 8 lower, Corn 2 lower and Wheat 4 lower. We remain long out the money calls and/or call spreads in Dec. Corn. As for the Beans, emotionally I want to own them, but quite frankly I have no technical or fundamental reason to own them, the weakness of the dollar not withstanding. I am also looking at the Dec. Wheat and feel it is time to start trading from the long side. If you trade multiple contracts I would consider going long with a partial position at present prices.
Yesterday October Live Cattle closed at 87.10, up 45 points. The market reached my near term objective of 87.35 (the high was 87.40). My next level of resistance is the 88.50 area. If you remain long either take profits or raise your protective sell stop to the 86.35 level. If the market trades above 88.10 raise your sell stop to the 87.05 level. The market is currently 47 higher at 87.57.
Dec. Silver is currently 2 cents higher at 16.53. We remain long with a reduced position after taking partial profits from multiple contract positions last week. Support is currently 15.30 and resistance 17.20.
Dec. S&P's are currently 1.25 higher at 1022.00. We remain short this market above the 1006.00 level with a protective buy stop at 1041.00.
As of this writing the Euro is 78 higher at 1.4567, the Swiss 52 higher at .9602, the Yen 22 higher at 1.0855 and the Pound 55 higher at 1.6541. We remain long out of the money puts and/or put spreads in both the Dec. Pound and the Dec. Yen. The Dec. Dollar Index is currently 37 lower at 77.220.