Financials: Dec. Bonds are currently 13 higher at 118'20. This mornings Employment Report showed a decline in non-farm payrolls of 190,000, slightly more than the average guestimate of 175,000. The range of estimates that I saw before the report ranged from a loss of 115,000 to 205,000. The immediate reaction was a rally to the 119'00 level. This rallied allowed us to cover our short 116'00 put at 15 points and also gave the opportunity to sell short the Jan. 115'00 put above the 1'00 level. This leaves us with the combination of short the Dec. Bonds and short the Jan. Bonds 115'00 put.
Grains: Yesterday Beans were 27 cents lower, Corn 7 lower and Wheat 8 lower. Over night Beans were fractionally higher, Corn 1 lower and Wheat slightly higher. Jan. Beans are now in support below the 977'0 level and I am going to try the long side of the market with a 25 cent risk from entry level. Support for Dec. Corn remains just below the 371'0 level.
Cattle: Yesterday Dec. Cattle closed 10 higher at 86.35. The long Dec. /short Apr. spread gained 10 points closing at 337 premium the Apr. We still maintain this spread. The market is currently 40 lower on the Dec. contract is the electronically traded market.
Silver: Dec. Silver is currently unchanged at 17.41. We remain long out of the money put spreads. To be honest I am still leery of being long futures and feel that options are the way to go for the moment because of their limited risk.
S&P's: Dec. S&P's are currently 5.00 lower at 1058.00. As I have mentioned over the last few sessions I remain over all negative to this market and urge everyone to have a risk management technique in place to protect profits on both futures and options positions. Yesterday the market provided a selling opportunity at resistance in the 1061.00 area. If you have initiated a short position in the last couple of days I would use a protective buy stop 15.00 points ($750) above your entry level.
Currencies: As of this writing the Dec. Euro is 20 lower 1.4847, the Swiss 1 higher at .9841, the Yen 107 higher at 1.1125 and the Pound 15 lower at 1.6567. We remain long out of the money puts in the Yen and long out of the money put spreads in the Pound. The Dec. Dollar Index is about unchanged at 75.85.