[nega]

Markets remain in a holding pattern awaiting an adjustment in rates in China over the weekend. While Crude only looks to close down $2 on the week we did close lower all five sessions. Our downside objective is $85 in the January contract. Natural gas could go either way… in a perfect world we get a 5% break so that we could buy from lower levels. Our clients only exposure is a futures spread; long February and short April. As it stands right now indices continue to tread water near their highs and though it may be premature some of our more aggressive clients have started purchasing March 75-100 bear put spreads in the ES. Continue to monitor the 20 day MA in the dollar as it remains the pivot point. We still like the idea of purchasing dips in the Euro, Swissie and Pound as we expect the dollar to trade back to 78.75 next week. If lean hogs and live cattle trade 2-3% lower next week longs will be back on our radar.