Recommendations

Grains: On Thursday Beans were 1 lower, Corn 3 higher and Wheat 4 lower. Over night Beans were 12 cents higher, Corn 8 higher and Wheat 9 higher. We remain long Jan. Beans and will raise our protective sell stop from the 975'0 level to 993'0. Tomorrow we will roll our Jan. Bean position to the Mar. contract.

Cattle: On Thursday Feb. Cattle closed 62 lower at 84.75. The long Feb./short Apr. spread closed at 332 premium the Apr. We continue to hold this spread.

Silver: Mar. Silver is currently 17 cents higher at 17.61. We remain long futures from the 17.80 area and continue to hold out of the money call spreads in the July contract.

S&P's: Mar. S&P's are currently 2.00 higher at 1124.50. We continue to hold out of the money puts as both portfolio insurance and a speculative position.

Currencies: As of this writing the Mar. Euro is 50 higher at 1.4403, the Swiss 54 higher at .9683, the Yen 16 higher at 1.0931 and the Pound 52 higher at 1.5990. On Thursday, we took profits on all long put positions in the Euro. We continue to hold out of the money put spreads in the Pound. If the Pound should trade below the 1.5800 level, I recommend taking profits.

Regards,

                Marc