  We derive a continuum equation for the magnetization of a conducting
ferromagnet in the presence of a spin-polarized current. Current effects enter
in the form of a topological term in the Landau-Lifshitz equation . In the
stationary situation the problem maps onto the motion of a classical charged
particle in the field of a magnetic monopole. The spatial dependence of the
magnetization is calculated for a one-dimensional geometry and suggestions for
experimental observation are made. We also consider time-dependent solutions
and predict a spin-wave instability for large currents.
