Financials: Mar. Bonds are currently 22 higher at 142'15 and the 10 Yr. Note14 higher at 131'06. This morning's weekly Jobless Claims showed an increase of 21,000 vs. expectations of an increase of 23,000. Durable Goods were up 3.0% vs. average expectations of an increase of 2.0%. Yesterday the FOMC announced NO change in interest rates. Their expectations were that inflation will remain below 2.0% through mid to late 2014 and consequently rate targets will remain low through 2014. One thing I have learned, DON'T FADE THE FED. The results of yesterday's pronouncement was a rally from the 141'00 level to 143'16 and back to 142'00. I still remain on the sidelines. The yield on the 10 Yr. Note is once again below 2.0% and the yield on the 30 Yr. remain slightly above the 3.0% level. The long 5 yr. Note / short 10 Yr. Note spread is back to about 7'13 premium the 10 Yr. I will once again be willing to do this spread if it widens to 7'22 premium the 10 Yr. Note. Grains: Yesterday Mar. Beans closed 6'0 lower, Mar. Corn 4 higher and Mar. Wheat 7 higher. Over night Beans were 9'4 higher at 1223'0, Mar. Corn 8'6 higher at 643'2 and Mar. Wheat 12'2 higher at 653'4. Yesterday we were stopped out of long Mar. Corn futures position when the market traded below the 629'0 level mid session (the original recommendation was to go long below the 600'0 level). Of note: Mar. Wheat is starting to gain on Mar. Corn and is now at a 10'0 premium after being below the price of Corn. Cattle: Yesterday Feb. LC closed 5 higher at 125.85 and is currently unchanged. We have been stopped out of a recent short position. Mar. FC closed 12 higher at 155.00 and is currently about 40 lower at 154.625. We remain short Mar. FC with a protective buy stop at 155.65. Silver: Mar. Silver is currently 44 cents higher at at 33.57 and Feb. Gold 24.00 higher at 1724.00. Yesterday these metals rallied dramatically on the Fed's announcement. If you are long calls and/or call spreads roll long calls to a higher strike price to take advantage of recent price increases. Tomorrow I will be quoting the April Gold contract as first notice day is approaching on the Feb. contract. S&P's: Mar. S&P's are currently 7.00 higher at 1227.25. Yesterday the market rallied dramatically on the Fed's announcements that rates will stay low and that the economy is showing growth albeit slow. Treat as a trading affair between 1311.00 and 1330.00. Currencies: As of this writing the Mar. Euro is 85 higher at 1.3173, the Swiss 72 higher at 1.0914, the Yen 33 higher at 1.2893 and the Pound 51 higher at 1.5690. The Dollar weaken yesterday as Bonds, Equities and Metals rallied due to the Fed's announcements. To be honest, I'm still not sure if the predominant down trend has changed on the Euro and the Swiss and recommend the sidelines. Long term resistance on the Euro is now the 1.3400 level, where I will attempt the short side of the market, if the market allows. We remain long out of the money puts in the Mar. Euro and Yen. I remain long the Mar. mini Nat. Gas. Regards, Marc 888.908.4310 | 312.264.4310 mnemenoff@pricegroup.com