Financials: Dec. Bonds are currently 9 lower at 150’01. If you went short above 150’15 yesterday (the high was 150’19) either take the short term profit or use a protective buy stop at 151’06 for protection. If your intention is to look for a longer term trade, lower your buy stop to break even if the market trades below the 149’26 level. Support is currently the 148’08 level.
Grains: Dec. Corn is currently fractionally higher at 744’6, Jan. Beans 3’0 higher at 1510’0 and Dec. Wheat 2’0 higher at 896’0. If you remain long Wheat either take profits or raise your protective buy stop to 882’0. We remain long out of the money calls in Dec. Corn and out of the money call spreads in Mar. Corn. Crop Report tomorrow morning.
Cattle: Dec. LC are currently 10 lower at 124.85 and Jan. FC 50 lower at 145.00. Jan. Feeders are now below the 145.50 level and could signal a break to the 142.00 level where I will be interested in trying the long side of the market. Of note: Dec. Hogs are once again above the 80.00 level having rallied from the 76.725 level earlier in the week. I will once again be looking to have a short biased position (either short futures, short cals or long puts) if this market trades above the 81.00 level.
Silver: Dec. Silver is currently 8 cents higher at 31.74 and Dec. Gold unchanged at 1414.00. We remain long Silver as a long term position.
S&P's: Dec. S&P’s are currently 4.00 higher at 1393.00. Yesterday’s support of the mid 1390’s was broken as the market traded as low as 1384.00 amid talk of of “fiscal cliff” and possible rising taxes. The market is now looking at longer term support at the 200 day moving average of 1373.25. Resistance is currently 1407.00.
Currencies: As of this writing the Dec. Euro is currently 30 lower at 1.2742, the Swiss 25 lower at 1.0565, the Yen 2 higher at 1.2521 and the Pound 4 lower at 1.5984. I am on the sidelines at the moment.
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