Financials: Dec. Bonds are currently 20 lower at 148’22 and the 10 Yr. Note down 8.5 at 132’24.5. This morning’s Non-Farm Productivity Report showed an increase of 1.9% vs. average expectations 2.0%. Weekly Jobless Claims were down 9,000 to 363,000 vs. average expectations of a decline of 3,000. ADP Private Sector Jobs Report showed an increase of 158,000. I still have a negative bias and remain a seller for short term trades (1-3 days) above the 148’26 level. Yesterday the market gave an opportunity to cover short positions from Tues. recommendation trading as low as 148’01. For the near term support is currently 147’26 and resistance 149’01. Monthly Unemployment Report tomorrow.
Grains: Dec. Corn is currently 5’0 higher at 760’6, Jan. Beans 18’0 higher at 1567’0 and Dec. Wheat 6’4 higher at 871’0. We remain long the Dec. Corn 800 call and the Mar. Corn 800/850 call spread. If you remain long Dec. Corn futures either take profits or raise your protective sell stop to the 748’0 area. Near term resistance is currentrly the 768’0-772’0 levels.
Cattle: Dec. Cattle are currently 10 lower at 125.82 and Nov. Feeder Cattle 30 lower at 146.00 (on Monday I will start quoting Jan. FC). As mentioned in Tues. Report I am now looking to the long side of the market on breaks below the 124.50 level for Dec. LC.
Silver: Dec. Silver is currently 30 cents higher at 32.62 and Dec. Gold 5.00 dollars higher at 1724.00. We continue to remain long Silver as a long term trade.
S&P's: Dec. S&P’s are currently 2.25 higher at 1409.00. Support is currently 1392.50 and resistance 1417.00. I suspect that the market will remain range bound until the upcoming election. As usual I recommend short term traders to wait until just after the Unemployment Report tomorrow to initiate a trade, trading the reaction to the Report as opposed to carrying a position into the number. If you want to take a position into the election I recommend using short term out of the money options (either puts or call) for November expiration which expire Nov. 16th and presently carry very little premium, all things considered.
Currencies: As of this writing the Dec. Euro is trading 12 higher at 1.2979, the Swiss 11 higher at 1.0756, the Yen 45 lower at 1.2496 and the Pound. We are on the sidelines coming in this morning. At the moment I am willing to be patient and wait for the Euro to either trade in the 1.3150 area where I will be a seller or the 1.2650 area where I will be a buyer. I am also watching the Yen and will be a seller above the 1.2850 level (77.82 to the dollar) if the market allows.
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