Financials: Mar. Bonds are currently 23 lower at 117'17 and the Mar. Bonds 115'00 put is 9 higher at 62 points. We continue to hold the combination of short Mar. Bonds and short the Mar. Bonds 115'00 put. If you are holding multiple positions in this combination take partial profits.
Grains: On Friday Jan. Beans were 10 cents lower, Corn fractionally higher at Wheat 9 higher. Over night Beans were 5 cents higher, Corn fractionally higher and Wheat fractionally lower. We have taken profits on the combination of short the Mar. Beans 960 put and short the Mar. Beans 1160 call. I feel that Jan. Beans are currently in support and will be looking for short term trades from the long side of the market. Support in Mar. Corn remains in the 380'0 area.
Cattle: On Friday Feb. Cattle closed 30 higher at 84.85. The long Feb. / short Apr. spread closed about unchanged at 332 premium the Apr. We continue to hold this spread. Friday's Cattle on Feed Report showed the following: On Feed 99% of a year ago versus an average expectation 100.3%. Placements 92% versus expectations of 95.2%. Marketing's 104% versus a pre-report estimate of 102%. All figures appear to be friendly and I will expect a higher opening and the nearby contracts gaining on the deferred contracts.
Silver: Mar. Silver is currently 6 cents higher at 17.38. We remain long both futures and out of the money call spreads.
S&P's: Mar. S&P's are currently 5.50 higher at 1103.25. 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 24 higher at 1.4343, the Swiss 5 higher at .9599, the Yen 34 lower at 1.1030 and the Pound 10 lower 1.6101. We remain long out of the money puts in the Euro and long out of the money put spreads in the Pound. If you are holding multiple contracts in either of these positions, take some profits. The Mar. Dollar Index is currently 11 lower at 78.085. I remain on the sidelines. Major resistance will come into play above the 80.000 level.