Financials: Mar. Bonds are currently 11 higher at 141'16 and the 10 Yr. Notes 4 higher at 130'03. Yesterday the market broke support of 141'16 making a five week low of 140'21 only to bounce back to the 141'16 level. We have taken profits on the long 5 Yr. Note/ short 10 Yr. Note spread. With tonight's State of the Union address and the 2 day FOMC meeting I am inclined to choose the sidelines. Grains: Yesterday Mar. Beans closed 30 cents higher, Mar. Corn 8 higher and Mar. Wheat 9 higher. Over night Mar. beans were about 7 lower, Mar. Corn 2 lower and Mar. Wheat 2 lower. If you remain long Mar. Corn either take profits or continue to use a protective sell stop at 603'0. Yesterday's high of 621'2 in Mar. Corn is now near term resistance. Longer term resistance is the 637'0 area. Cattle: Yesterday Feb. LC closed 5 higher at 124.60 and Mar. FC 10 lower at 153.75. If you remain short Feb. LC I recommend using a protective buy stop at 126.25. If this market trades below the 124.00 level, lower your stop to 125.50. If you remain short Mar. FC I recommend using a protective buy stop at 155.65. If the market trades below the 152.50 level, lower your buy stop to 154.60. Silver: Mar. Silver is currently 23 cents lower at 32.05 and Feb. Gold 16.00 lower at 1662.50. I do not have a strong opinion on these metals at current prices. S&P's: Mar. S&P's are currently 7.00 lower at 1304.00. Treat as a trading market between 1196.00 and 1311.00. This market has had a pretty good run to the upside since the Dec. 19th low of 1195.50 and may be do for a correction. Currencies: As of this writng the Mar. Euro is 47 lower at 1.2972, the Swiss 31 lower at 1.0760, the Yen 130 lower at 1.2864 and the Pound 18 higher at 1.5573. Of note: The Yen is at it's lowest level since Dec. 29th. We remain long the Mar. 1.24 put in both the Euro and the Yen. I remain long 1 mini Mar. Nat Gas. Chartists may be looking at yesterday's action as a key reversal. My position is still at a loss of about $1100.00. Regards, Marc 888.908.4310 | 312.264.4310