Financials: Bonds are currently 20 higher at 118'31, the 10 Yr. Notes 17 higher at 117'15, the 5 Yr. Notes 9 higher at 115'24 and the 2 Yr. Notes 2 higher at 108'13. We continue to hold the combination of short the Dec. Bonds and short the Dec. Bond 116'00 put.
Grains: Yesterday Nov. Beans were 8 cents lower at 928'4, Dec. Corn 2'2 higher at 309'6 and Dec. Wheat 2'6 lower at 456'2. We remain long out of the money calls and/or call spreads in Dec. Corn. Yesterday we went long Dec. Wheat and will not add to the position unless the market trades above the 480'0 level. Tomorrow morning there will be a monthly Crop Report which will give us a better idea on supply fundamentals. On the demand side of the market, I feel with the Dollar under pressure once again the market will find some support at current levels.
Cattle: Yesterday Oct. Cattle closed 45 higher at 87.55. If you remain long either take profits or raise your protective sell stop to the 86.35 level. My next level of resistance is the 88.50 level. If the market trades above 88.10 raise your sell stop to the 87.05 level. The market is currently unchanged.
Silver: Dec. Silver is currently 13 cents lower at 16.33. We continued to hold a reduced long position. Near term resistance is currently the 16.80 level. I suspect we will see some continued profit taking at current levels which could push the market as low as the 15.50 level before trading through near term resistance.
S&P's: Dec. S&P's are currently 1.00 lower at 1027.00. We remain short from the 1006.00 area and continue to have a protective buy stop in the 1041.00 area.
Currencies: As of this writing the Dec. Euro is 28 lower at 1.4517, the Swiss 23 lower at .9581, the Yen 20 higher at 1.0876 and the Pound 70 higher at 1.6601. We remain long out of the money puts and or put/spreads in the Dec. Yen and the Dec. Pound. If the Pound closes above the 1.6650 level for the week I will be looking to take the small loss on the Pound position early next week. The Dec. Dollar Index is currently unchanged at 77.345.