Financials: Mar. Bonds are currently 1'13 lower at 118'25. This morning's monthly Unemployment Report showed a decline in non-farm payrolls of only 11,000 and an unemployment rate of 10%. The estimate for this report was for a decline of 130,000 jobs. We continue to hold the combination of short Mar. Bonds and short the Mar. Bond 115'00 put. I recommend continuing to hold this position.
Grains: Yesterday Beans closed 13 cents higher, Corn 5 lower and Wheat 4 higher. Overnight Beans were 2 cents higher, Corn fractionally lower and Wheat fractionally lower. Given the strength in the Dollar after this morning's jobs report I suspect the grains could come under some pressure on the opening. We continue to hold a combination of short Mar. Beans out of the money puts and calls. If this position gets to the point where you have a 25 cent profit I recommend taking profits.
Cattle: Yesterday Dec. Cattle closed 130 points lower at 80.80 and we were stopped out of a recent long position. The Dec. / Apr. spread actually gained 17 points closing at 500 points premium the Apr. This morning I recommend rolling the Dec. contract into the Feb. contract leaving you spread long Feb. /short Apr. Monday is the first notice day for delivery on Dec. Cattle.
Silver: Mar. Silver is currently 40 cents lower at 18.72. This morning's report was friendly for the dollar and negative for the precious metals sector. We remain long out of the money call spreads in the July contract. I will be interested in once again going long futures if the market trades below 17.80 in the next few days.
S&P's: Dec. S&P's are currently 16.00 higher at 1114.00 I remain on the sidelines.
Currencies: As of this writing the Dec. Euro is 145 lower at 1.4945, the Swiss 93 lower at .9920, the Yen 174 lower at 1.1163 and the Pound 31 higher at 1.6595. We remain long out of the money puts. Given today's sharp break in the currencies I recommend rolling any long puts into a lower strike price in an effort to take some money off the table. The Dec. Dollar Index is currently 56 higher at 75.23. If you remain long either take profits or raise your protective sell stop to the 74.90 level on the Dec. contract or 75.15 on the Mar. contract. Next week I will be quoting the Mar. contract in the currencies and the Dollar Index.