Recommendations

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.

Regards,

                Marc