Financials: Mar. Bonds are 7 higher at 141'13 and the 10 Yr. Notes 5 higher at 130'08. Yields are once again above 3% on the Bonds and above 2% on the 10 Yr. Note. Today is the 2nd day of the two day FOMC meeting. As is usual there should be an interest rate announcement at 1:15. I expect no change. I remain on the sidelines.Grains: Yesterday Mar. beans closed 2'4 higher, Mar. Corn 10'2 higher and Mar. Wheat 13'6 higher. Over night Mar. Beans were 1'4 lower at 1218'4, Mar. Corn 3'2 higher at 633'4 and Mar. Wheat 4'6 higher at 638'2. The high overnight in Mar. Corn was 636'2, close enough to long term resistance of of 637'0 for me to say that for the moment my objectives have been met. If you remain long either take profits or raise your sell stop to just below the overnight low of 629'0.Cattle: Feb. LC is currently 10 higher at 125.90 after making an overnight high of 126.375. My recommended buy stop of 126.25 against recent short positions has been breached putting us on the sidelines. Mar. FC is currently 10 higher at 154.975. If you remain short continue to use a buy stop at 155.65.Silver: Mar. Silver is currently 24 cents lower at 31.75 and Feb. Gold 9.00 lower at 1656.00. I do not have a strong opinion on these markets at this time. That being said, I suspect over the long hall these markets will trend higher with the landscape being very choppy. If you have a strong bullish opinion, think call spreads because of the limited risk.S&P's: Mar. S&P's are currently 3.50 lower at 1304.00. Near term support is currently 1296.00 and resistance 1311.00. I feel the market is rangebound for the moment and remain on the sidelines until the market closes either above resistance or below support. During last night's State of the Union address the market traded as high as 1316.50 before starting to erode to current levels in the early morning hours.Currencies: As of this writing the Mar. Euro is 51 lower at 1.2976, the Swiss 24 lower at 1.0753, the Yen70 lower at 1.2801 and the Pound 10 lower at 1.5587. We remain long the Mar. 1.24 put in both the Euro and the Yen.Regards, Marc888.908.4310 |