We have observed that the pump beam reflected by a triply resonant opt
ical parametric oscillator, after a cascaded second-order nonlinear in
teraction in the crystal, is significantly squeezed. The maximum measu
red squeezing in our device is 30% (output beam squeezing inferred: 48
%). The direction of the noise ellipse depends on the cavity detuning
and can be adjusted from intensity squeezing to phase squeezing.