Financials: Mar. Bonds are currently 10 lower at 117'02. On Friday we were able to cover the short Mar. Bond 112'00 put below 12 points leaving us short the Mar. Bond 119'00 call. I recommend covering this position at 40 points or better if the market allows ( currently trading at 45 points).
Grains: On Friday beans were 10 cents lower, Corn 9 lower and Wheat 17 lower. Over night Beans were 3 lower, Corn 3 lower and Wheat 10 lower. I feel that we are approaching support in Mar. Beans in the 955'0 area and Mar. Corn in the 360'0 area. I will be willing to try the long side of these markets on a test of support.
Cattle: On Friday Feb. Cattle closed 70 higher at 87.35. If you remain long Feb. Cattle either take profits or raise your protective sell stop to the 86.10 level. The long Feb. /short Apr. spread gained 55 points closing at 317 premium the Apr. We continue to hold this spread.
Silver: Mar. Silver is currently 17 cents higher at 18.60. If you remain long Mar. futures, either take profits or continue to use a protective sell stop at 18.06. The near term resistance is currently the 18.86 level. We remain long out of the money call spreads on the July contract.
S&P's: Mar. S&P's are currently 1.50 higher at 1334.00. We remain long out of the money puts as both portfolio insurance and a speculative position.
Currencies: As of this writing the Mar. Euro is 61 lower at 1.4294, the Swiss 60 lower at .9678, the Yen unchanged at 1.1004 and the Pound 105 higher at 1.6358. I feel that the Pound is currently a sale at present levels and recommend using a protective buy stop 200 points above your entry level for protection for a short term trade.