Financials: Mar. Bonds are currently 2 lower at 141'15 and the 10 Yr. Note 2 lower at 130'19. Yields on the 10 Yr. Note are once again above the 2.0% level (last 2.06%) and the yield on the 30 Yr. Bond now 3.15%. Agreement on a Greek bailout has helped stabilize markets and removed a bit of the fear factor. I am content to be patient with these markets and await opptortunity, remaining on the sidelines for the moment.

Grains: This morning Mar. Beans look about 5 cents lower at 1266'0, Mar. Corn 2'4 lower at 627'0 and Mar. Wheat 3'0 lower at 630'0. Since my last letter (Feb. 13th) Mar. Corn gave a buying opportunity in the 623'0 area. Hopefully you took advantage of this break and subsequent rally into the low 640's. To be honest, since my absence I'm a bit out of touch. A strong dollar (especially in terms of Yen) has had a negative effect over the last couple of days. I'm inclined to be a buyer once again in the low 620's.

Cattle: Mar. FC are currently 20 lower at 158.40 and Apr. LC 12 lower at 131.00. Since my last letter , my recommended buy stop in LC was penetrated taken us out of most of our recent short positions. If you remain short look top cover at least one half of your position on a decent break.

Silver: Mar. Silver is currently 40 cents lower at 34.02 and Apr. Gold 4.00 lower at 1754.50. A bit of fear premium due to Iranian nuclear policy has been put on these markets over the last few sessions. These markets are technically in resistance.

S&P's: Mar. S&P's are currently 2.00 lower at 1358.00. The highly touted 13,000 level on the Dow was tempoarily penetrated but failed to close above this psychological level. Technically support is 1248.00 and resistance 1367.00.

Currencies: As of this writing the Mar. Euro is 7 lower at 1.3240, the Swiss unchanged at 1.0970, the Yen 90 lower at 1.2460 and the Pound 117 lower at 1.5665. Since my last letter the Yen has broke about 500 points (from 1.2950 to 1.2450). Take profits on Yen puts.

Regards, Marc

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