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Financials: As of this writing (6:30am) Dec. Bonds are unchanged at 159’15, up 5 for the week. The 10 Year Notes are unchanged at131’23 up 6 for the week and the 5 Year note down 1 overnight at 122’25, up 4 for the week. Yields are about unchanged since the last “Report” with the 2 Year at 0.30%, the 5 Year at 0.98%, the 10 Year at 1.53% and the 30 Year Bond at 2.07%. These markets have taken a break from the selling we have seen in the last 2-3 weeks as the market digested the uncertainty over the debt ceiling, potential tapering and a stronger dollar. Friday we have the monthly Employment which should dominate market direction for the next couple of sessions. Support remains just under 158’00 and resistance remains at 161’15.
Grains: Dec. Corn is up 1’6 at 533’6, down about 6 cents for the week. Nov. Beans are up 3’4 at 1245’4, down about 40 cents for the week. Resistance on Dec. Corn in the 340’0 area held as the market absorbed harvest info. It appears to some that yield per acre prior estimates may be too low. Support continues in the 512’0 area. Resistance is now 543’0-548’0. As for Nov. Beans support of 1268’0 was handily broken as a crop report showed higher than expecting stocks and acreage. Support is now 1221’0 and resistance 1272’0.
Cattle: Dec. LC closed yesterday at 128.22 up 37 points and Nov. FC up 125 at 158.12. Near term trend has turned up amid good boxed demand and cheaper feed grain. Support for Dec. LC is now 126.30 and resistance 129.10. Support on Nov. FC is 156.30 and resistance 160.00.
Silver: Dec. Silver is 8 cents higher at 22.61, down 3 cents for the week. Trend remains down. Avoid extreme volatility, think options.
SP: Dec. S&P’s are 44.00 higher 4398.00 up 31.00 for the week. A compromise on the debt ceiling has brought investors back to the market after the market broke to the 4260.00 level and establishing a new level of support in the 4320.00 area. Resistance remains at 4415.00. Friday’s Employment Report will dominate the market the next few sessions.
Currency: The dollar Index continues to hold sway over the Euro, the Pound and the Yen. Down slightly this morning and about unchanged for the week at 94.240 the Dollar Index trend remains up.
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