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Financials: Dec. Bonds are currently 29 lower at 148’17. Better than expected German consumer confidence numbers have given equities and the Euro a boost and consequently a break in Bonds. If you went short at yesterday’s resistance of the 149’26 area, take the short term profit.
Grains: Dec. Corn is currently 6’0 higher at 743’2, Nov. Beans 8’0 higher at 1500’4 and Dec. Wheat 7’2 higher at 855’4. We have covered any and all short positions. I am now looking for buying opportunites in Dec. Corn and the sidelines in Wheat and Beans. For the long term I still feel that Beans could have more room on the downside and I will be looking to be a seller above the 1540’0 level if the market allows. Support for Dec. Corn remains in the 725’0 area.
Cattle: Dec. LC are currently 20 higher at 126.20 and Nov. FC 25 lower at 145.30. Continue to treat Dec. Cattle as a trading market between 124.00 and 127.50. Producers might consider going long some inexpensive out of the money puts for protection. I am hesitant to recommend using futures as a hedging instrument at this time.
Silver: Dec. Silver is currently 20 cents higher at 32.95 and Dec. Gold 6.00 dollars higher at 1743.50. We remain long Silver and will consider adding to the position on a break to the 32.00. I recommend using a 1.00 dollar protective sell stop on any additions to your original long position. I am still patiently waiting for a break below the 1720.00 level to reinstate a long position in Gold.
S&P's: Dec. S&P’s are currently 7.00 higher at 1442.50. Positive consumer confidence numbers out of Europe have rallied this market just above resistance of the 1438.00-1441.00 area. I am willing to try the short side of the market with a protective buy stop at 1451.00. We continue to hold out of the money put spreads for November expiration.
Currencies: As of this writing the Dec. Euro is 110 higher at 1.3059, the Swiss 87 higher at 1.0805, the Yen 32 lower at 1.2683 and the Pound 50 higher at 1.6121. I am looking to go short the Euro above the 1.3150 level.
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