Financials: Dec. Bonds are currently 24 lower at 119'02. This morning's 3rd quarter GDP came out at +3.5% versus expectations of up 3.2%. As can be expected with better than estimated GDP statistics, the Bonds broke about 20 points from their pre-report levels. If you continue to hold the combination of short Dec. Bonds and short the Dec. Bond 116'00 put, continue to use an open order to cover the 116'00 put in the 15 point area (plus or minus a few ticks).

Grains: Yesterday Beans were 5 cents lower, Corn 1 lower and Wheat 8 lower. Over night Beans were about 5 higher, Corn 2 higher and Wheat 2 higher. A slight retreat in the Dollar and the market supporting at levels near a 50% retracement from recent highs and lows have added slight upward momentum. I am a buyer in Jan. Beans near the 960'0 level with an initial 25 cent risk and a buyer near the 357'0 level in Dec. Corn with an initial 15 cent risk.

Cattle: Yesterday Dec. cattle closed 17 lower at 86.92. The long Dec. / short Apr. spread lost 10 points closing at 242 premium the Apr. I will be willing to once again go long Dec. / short Apr. at 280 premium the Apr.

Silver: Dec. Silver is currently 17 cents higher at 16.41. I remain long out of the money call spreads. I will be willing to once again go long futures if the market sets back to the 15.40 area.

S&P's: Dec. S&P's are currently 9.00 higher at 1047.50. Constructive GDP data this morning has moved the market off of recent lows. Yesterday the market penetrated and closed below support of 1045.00. Near term support is now the 1032.00 level and resistance remains in the 1071 area. We remain short Dec. futures and/or long out of the money puts.

Currencies: As of this writing the Dec. Euro is currently 64 higher at 1.4782, the Swiss 40 higher at .9787, the Yen 71 lower at 1.0945 and the Pound 50 higher at 1.6456. 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 currently 23 lower at 76.35. Resistance for the Dollar remains at 77.00.

Regards,

                Marc