Financials: Mar. Bonds are currently 15 higher at 117'23. Yesterday we were stopped out of a long position when the Bonds traded below the 117'02 level after the announcement of the results of the latest Bond auction which showed less than anticipated participation and a yield of 4.72%. The market has since had a bit of a bounce in a flight to quality due to the Global Debt Crisis. Near term support is currently 116'26 and near term resistance at 118'22. Treat as a trading market between support and resistance.
Grains: Yesterday Mar. Beans closed 5 higher, Corn 1 higher and Wheat 3 lower. Over night Beans were 9 lower, Corn 3 lower and Wheat 9 lower. I am still trying to sell the May Beans 880'0/1000'0 strangle at 35'0 cents which is currently unable. The current bid on this combination is 33'0. I am also looking to be a buyer, today only, in Mar Corn below the 351'0 level if the market allows. A strong Dollar and the continued global debt crisis will add downside pressure to all markets where exports are a predominant factor.
Cattle: Yesterday Apr. Live Cattle closed unchanged at 91.55. The market is looking slightly lower this morning. I continue to look to be a seller in the 92.00-93.00 area if the market allows.
Silver: Mar. Silver is currently 26 cents lower at 15.33. If the market trades below the 14.70 level I recommend covering the short leg of any out of the money call spreads. I will also be looking to be a buyer of futures below the 14.70 level.
S&P's: Mar. S&P's are currently 13.00 lower at 1063.50. If you went short in the 1070.00 area either take the short term profit or use a protective buy stop at 1073.50. If the market trades below 1061.00 lower your buy stop to the 1068.00 level. Near term support remains at 1053.00 and longer term support at 1040.00.
Currencies: As of this writing the Mar. Euro is 102 lower at 1.3585, the Swiss 78 lower at .9266, the Yen 25 lower at 1.1119 and the Pound 93 lower at 1.5599. The Mar. Dollar Index is 56 higher at 80.66. Debt problems in Europe continue to add upward pressure to the Dollar and downward pressure to the Euro. I am on the sidelines