Financials: Mar. Bonds are currently unchanged at 117'28. Yesterday the market closed above the 117'13 level generating a minor buy signal. Near term support is currently 116'28 and near term resistance is now the 118'24 level. Yesterday's disappointing consumer confidence and negative home price statistics have provided some upside momentum. I now favor the long side of the market on breaks to the low 117'00 area (117'00-117'08) with a protective sell stop in the 116'14 area. If near term resistance of 118'24 is penetrated the next level of resistance will be the 119'10 area at which point I will be leaning towards the short side of the market.
Grains: Yesterday Beans were 9 cents lower, Corn 3 lower and Wheat 9 lower. Over night the Beans were 4 higher, Corn 3 higher and Wheat fractionally lower. Yesterday the market failed at resistance of 971'0 in May Beans and 390'0 in May Corn. I will remain a seller at these levels for short term (1-3 days) trades. The May beans 880'0/1000'0 strangle settled at about 31'0.
Cattle: Yesterday Apr. Cattle closed 80 points lower at 92.42. We remain short this market with a protective buy stop at 94.80. If the market trades below the 91.90 level, lower your buy stop to the 94.10 level or take profits. If the market should trade below 91.35 lower your buy stop to your break even level.
Silver: Mar. Silver is currently 6 cents lower at 15.85. We continue to hold out of the money call spreads in the July contract. I recommend covering the short end of these spreads if the market trades below the 15.20 level. Support for Mar. futures remains in the 14.80 level. I will be a buyer in the May contract below the 14.90 level if the market allows. Beginning tomorrow I will be quoting the May contract (first notice day for Mar. is at the end of this week).
S&P's: Mar. S&P's are currently unchanged at 1097.25. Over the past two days the market has tested both support of 1092.00 and resistance of 1111.00. If you remain short either take the short term profit or lower your buy stop to the 1102.50 level. We remain long out of the money puts.
Currencies: As of this writing the Mar. Euro is 36 higher at 1.3558, the Swiss 28 higher at .9265, the Yen 6 higher at 1.1095 and the Pound 20 lower 1.5451. Near term support in the Euro is 1.3465 and resistance 1.3620. Treat as a trading market between support and resistance for short term trades. Longer term I will be a seller in the Euro in the 1.3800 area if the market allows. The Mar. Dollar Index is currently 15 lower at 80.76. I look for resistance in the Dollar in the 81.35 area.