Financials: Dec. Bonds are currently 1'13 lower at 137'12 and the 10 Yr. Note 22 lower at 127'29. Over night European summit came to several decisions: A 50% writedown of Greek debt, an emergency fund of over 1 trillion Euro's and bank capitalization requirements of 9% vs. the current 6%. This capitalization requirement will require at least 100 billion Euros to bring banks up to spec. Stating the obvious, the market liked the plan pushing Bonds to new recent lows, rallying equities to new recent highs and pushing the Dollar to new recent lows. Bonds are now well below recent support in the 138'00 level (over night low of 137'02). I am on the sidelines for the moment.

Grains: Yesterday Nov. Beans closed 15 lower at 1210'4. Dec. Corn 13 lower at 637'2 and Dec. Wheat 16 lower at 619'4. Over night Beans were 23 cents higher, Corn 10 higher and Wheat 13 higher. Yesterday the market was down because of a strong Dollar, this morning markets are higher due to a weak Dollar. I will be a buyer in Dec. Corn below the 630'0 level if the market allows. We remain long out of the money calls and/or call spreads in Dec. Corn. If you have Nov. bean positions, roll them into Jan. contracts to avoid delivery situations. Tomorrow I will be quoting Jan. Beans.

Cattle: Yesterday Dec. Live Cattle closed closed 155 lower at 120.425 and Nov. Feeder Cattle 10 lower at 141.700. If you remain short Dec. LC either take profits or lower your buy stop to the 121.90 level.

Silver: Dec. Silver is currently 53 cents higher at 33.84. If you remain bullish consider out of the money calls and/or call spreads for March 2012 expiration.

S&P's: Dec. S&P's are currently 32.00 higher at 1269.50 due to overnight European euphoria (see Financials comment). Is it time to buy the rumor sell the FACT? I remain short the Dec. 1240.00 call and expiriencing some loss at the moment.

Currencies: As of this writing the Dec. Euro is 200 higher at 1.4089, the Swiss 196 higher at 1.1544, the Yen 83 higher at 1.3222 and the Pound 106 higher at 1.6054. I am on the sidelines at the moment.

Regards,

Marc
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