Financials: Mar. Bonds are currently 1'01 lower at 140'11 and Mar. 10 Yr. Notes 7 lower at 129'03. If you remain long out of the money puts consider taking profits before tomorrow mornings Unemployment Report, or selling an even further out of the money put against current positions leaving you spread. Early estimates for the Unemploy Report call for an increase in non-farm payrolls of 140-150,000.
Grains: Yesterday Jan. Beans closed 6 higher, Mar. corn 2 higher and Mar. Wheat 2 lower. Over night Beans were 9 higher, corn 3 higher and Wheat 5 higher. We remain long Mar. Corn with a protective sell stop at 586'0. If Mar. Corn trades above 616'0 today, raise your stop to 591'0.
Cattle: Yesterday Feb. LC and Jan. Fc both closed more than 100 higher. We currently have on a combination of short Feb. LC futures and short the Feb. LC 118 put.
Silver: Mar. Silver is currently 20 cens higher at 33.00. I recommend only using out of the money options because of the extreme volatility in futures.
S&P's: Dec. S&P's are currently 3.00 lower at at 1243.00. Yesterday we tried the short side of the market only to be stopped out with a 12.00 point ($600) loss. I am on the sidelines until after the Unemployment Report tomorrow.
Currencies: As of this writing the Dec. Euro is trading 50 higher at 1.3486, the Swiss 35 higher at 1.0991, the Yen 38 lower at 1.2861 and the Pound 22 higher at 1.5719. I remain long out of the money puts in the yen and Euro. I will make the comment: After yesterday's agreement among central banks to lower by 50 basis points the cost of doing Dollar swaps I understand the immediate effect of a weakening Dollar, I just wonder if in hindsight this will be rearranging deck chairs on the Titanic.
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