Financials: Bonds are currently 20 lower at 120'08. We continue to hold the combination of short Dec. Bonds and short the Mar. Bond 115'00 put. I will roll the short Dec. Bond position into the Mar. contract by the end of the week.

Grains: On Friday Beans were 7 cents higher, Corn 4 lower and Wheat 2 lower. Over night Beans were 19 cents higher, Corn 6 higher and Wheat 11 higher. We are currently holding a combination of short out of the money puts and calls in Mar. Beans with strike prices initially about 100'0 out of the money.

Cattle: On Friday Dec. Cattle closed 27 higher at 83.95. The long Dec. / short Apr. spread gained 10 points closing at 410 premium the Apr. We continue to hold a long position in the Dec. contract with a protective sell stop 300 points below entry level. If the Dec. trades above 85.00 either take profits or raise your sell stop to the 82.40 level. We also continue to hold the long Dec. /short Apr. spread. The market as of this writing is 40 higher at 84.37.

Silver: Dec. Silver is currently 40 cents higher at 18.84. We continue to hold out of the money call spreads on the July contract.

S&P's: Dec. S&P's are currently 20.00 higher at 1110.00. I remain on the sidelines.

Currencies: As of this writing the Dec. Euro is 122 higher at 1.4977, the Swiss 90 higher at .9912, the Yen 5 lower at 1.1237 and the Pound 130 higher at 1.6610. At the moment I remain long out of the money puts in the currencies. The Dec. Dollar Index is currently 60 lower at 75.13. Support remains at 74.40 and resistance at 76.50 for the near term.

Regards,

                Marc