Daily Headlines

STOCKS: Be long calls but hedge that play with near to expiration puts!
BONDS: Rally off the data this morning should run out of steam quickly
CURRENCIES: Beware of historic two sided action in all markets
COPPER: $3.12 copper prices are very high if a global recession surfaces
METALS: The metals markets are faced with an all or nothing decision ahead
CATTLE: Weakening demand structure, weakness in beef and steady cattle; down
HOGS: Uncertainty on supply and demand into next week; stand aside, chop/lower
BEANS: Inflation vs recession. Tight stocks vs weak demand. It’s a tug-of-war.
CORN: Resistance to the bailout has changed the market landscape to negative.
WHEAT: Recent buyers were sent scurrying yesterday. Test of 700 in Dec likely.
ENERGY: The outlook on the economy is everything $90 or $110 crude oil
COTTON: Probing for low enough price to spark improved demand; 57.55 next Obj
COFFEE: Probing for near-term low; consider bull call spreads; volatility
SUGAR: Liquidation continues with big drop in open interest; chop for now
COCOA: Tech strength may prove temporary if $ rallies & fundamentals stay weak