Financials: Dec. Bonds are currently 14 lower at 139’01 and the 10 Yr. Note 6 lower at 128’21. This mornings Weekly Unemployment Claims were down by 6,000 vs. average expectations of down 4,000. Continue to treat as a trading market between 138’00 and 141’15.
Grains: Yesterday Beans closed 25 cents lower, Corn 5 lower and Wheat 5 lower. Over night Beans were 1 lower, Corn fractionally higher and Wheat 2 higher. Yesterday Dec. Corn approached the 655’0 resistance level making a high of 651’2 before settling back to the mid to high 630’s. Continue to treat Dec. Corn as a trading market between 615’0 and 655’0. I remain slightly bullish and continue to hold out of the money calls and/or call spreads in Dec. Corn. Of note: Nov. Beans options expire Friday.
Cattle: Yesterday Dec. Live Cattle closed 37 lower at 122.90 and Nov. Feeder Cattle 35 lower at 142.65. Over night Dec. LC are trading 40 lower. Lack of positive cash market news broke the market from higher levels mid session. We remain short Dec. LC. If the market trades below the 121.90 level, either take profits or lower your protectie buy stop to break even levels.
Silver: Dec. Silver is currently 46 cents lower at 30.81. This market acts weak to me. If you are long term bullish I recommend buying out of the money calls and/or call spreads for March 2012 expiration.
S&P’s: Dec. S&P’s are currently 2.00 lower at 1204.00 after being higher most of the early morning amid renewed European concers and active protests in Greece, etc. We remain short the Dec. S&P 1240.00 call.
Currencies: As of this writing the dec. Euro is trading unchanged at 1.3740, the Swiss 15 higher at 1.1190, the Yen 30 lower at 1.3004 and the Pound 10 lower at 1.5742. We remain long out of the money puts in the Dec. Yen.
Regards,
Marc
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