Financials: Mar. Bonds are currently 1'26 lower at 142'25 and the 10 Yr. Note 21 lower at 131'17. This morning's monthly Jobs Report showed in an increase in non-farm payrolls of 243,000 vs. expectations of 130,000. The unemployment rate was a reported 8.3%. Needless to say, a strong report. We remain spread long the 5 Yr. Note/ short the 10 Yr. Note which has narrowed 13 points this morning to 7'23 premium the 10 Yr. , which puts us even on this position. If the Bonds should continue to trade lower from present levels, you might consider going short either Dec. 2012 or June 2013 Eurodollars.

Grains: Yesterday Mar. Beans closed 1'6 higher at 1217'0, Mar. Corn 1'0 higher at 643'0 and Mar. Wheat 11'4 lower at 662'6. Over night Beans were 7'0 higher, Corn 1'2 higher and Wheat 5'4 higher. I still feel Mar. Corn is in resistance in the 650'0 area putting me on the sidelines for the moment. I will be looking to reinstate a long position on a break below the 623'0 level if the market allows. Also, consider going long out of the money calls and/or call spreads on the May Corn contract as a way of having your foot in the doorway if price advances continue from current levels.

Cattle: Yesterday Apr. LC closed 32 lower at 128.90 and Mar. FC 47 lower at 155.37. I am presently on the sidelines having been stopped out of recent short positions. That being said, I still feel these markets are overbought

Silver: Mar. Silver is currently 15 cents lower at 33.99 and Apr. Gold 5.00 lower at 1752.00. As stated yesterday, I feel these markets are in resistance and recommend taking profits on any long futures and long call and/or call spread positions.

S&P's: Mar. S&P's are currently 12.00 higher at 1334.75, rally sharply after the release of the Monthly Jobs Report (see Financials comment). Near term resistance has been penetrated setting the market up for a test of the July high in the 1340.00 area. Support is now yesterday's resistance of 1324.50. Treat as a trading market. As mentioned earlier in the week, I was impressed by how well the market held the 1300.00 level. To be honest, I am hesitant to hold any positions for more that a day or two.

Currencies: As of this writing the Mar. Euro is 56 lower at 1.3087, the Swiss 56 lower at 1.0857, the Yen 73 lower 1.3060 and the Pound 47 lower at 1.5750. The Dollar has gone from lower to higher since the release of the Jobs Report. We remain long out of the money puts in the Euro and the Yen. Regards, Marc 888.908.4310 | 312.264.4310 mnemenoff@pricegroup.com