Financials: Mar. Bonds are currently 6 lower at 116'19. Near term support is 115'28 and near term resistance 117'08. Treat as a trading market between support and resistance.
Grains: On Friday Mar. Beans were 3 lower at 945, Corn 2'6 higher at 360'0 and Wheat 4'6 higher at 489'6. Over night Beans were 7 higher, Corn 5 higher and Wheat about 3 higher. A stabilizing to slightly weaker dollar has given the grains a bit of upside pressure. Technically these market look to be trending sideways to slightly higher for the near, but UI feel the direction of the dollar will be the dominant factor in the next few sessions. Support for May Beans continues at 941'0 with near term resistance at 971'0. Near term support for May Corn is currently 365'0 with near term resistance at 390'0. The May Beans 880'0/1000'0 strangle settled at 32'5.
Cattle: On Friday Apr. Live cattle closed 25 higher at 93.30. Friday Afternoon's Cattle on Feed Report showed the following: On feed: 97% versus an average expectation of 96.9%. Placements: 98% versus expectations of 95.1%. Marketed in January: 102% versus expectations of 100.9%. I feel that the Placement number is a bit disappointing and feel the market will open slightly lower. I recommend remaining short with a protective buy stop in the 94.80 area.
Silver: Mar. Silver is currently 18 cents lower at 16.23. I remain on the sidelines in futures. We remain long out of the money call spreads in the July contract.
S&P's: Mar. S&P's are currently 1 lower at 1105.50. We have been stopped out of a recent short position in the 1108.00 area. We remain long out of the money puts as portfolio insurance. Near term support is currently 1092.00 with near term resistance at 1111.00. Treat as a trading market between support and resistance
Currencies: The Mar. Euro is currently 2 lower at 1.3593, the Swiss unchanged at .9283, the Yen 62 higher at 1.0963 and the Pound 16 higher at 1.5480. The market has rallied well off of Friday's low (1.3442 in the Euro) not enough to interest me in making a recommendation at this time. The Mar. Dollar Index is currently 2 lower at 80.70. I am on the sidelines.