Financials: Mar. Bonds are curently 12 lower at 142'14 and the 10 Yr. Notes 7 lower at 130'16. Continued optimism that a deal will be struck concerning Greek debt has eroded the fear premium in Bonds. I expect this market will find support in the 141'16 area. We remain spread long the 5 Yr. Note/ short the 10 Yr. Note which is currently trading at 7'09 premium the 10 Yr. Note. My objective for the near term is the 7'05 level, at which point I recommend taking profits.Grains: Yesterday Mar. Beans closed 13 cents higher, Mar. Corn 12 higher and Mar. Wheat 13 higher. Over night Beans were 3 lower, Corn unchanged and Wheat 2 higer. If you are long Mar. Corn either take the short term profit or raise your protective sell stop to your break even level.Cattle: Yesterday Feb. LC closed 100 higher at 124.20 and Mar. FC 122 higher at 154.00. This morning both of this markets are 100+ higher due to adverse weather conditions and a tight cash market. We remain speculatively short these markets with prices nearing our buy stops now 175 points above the market. Cattle on Feed Report this afternoon.Silver: Mar. Silver is currently 13 cents lower at 30.38 and Feb. Gold 8.00 lower at 1647.00. I still feel that both of these markets are in resistance. Long term bulls should consider out of the money calls and/or call spreads because of the limited risk.S&P's: Mar. S&P's are currently 3.00 lower at 1307.50. Technically I feel this market is in resistance at the 1311.00 area with support currently at 1293.00. I am on the sidelines.Currencies: As of this writing the Mar. Euro is trading 36 lower at 1.2899, the Swiss 20 lower at 1.0695, the Yen 3 higher at 1.2970 and the Pound 16 higher at 1.5476.Yesterday we took profits from recent long Euro futures positions. We remain long the Mar. 1.24 put in both the Euro and the Yen.I stubbornly remain long 1 mini Mar. Natural Gas which is currently at a $1500.00 loss.Regards, Marc888.908.4310 |