Financials: Mar. Bonds are currently 11 lower at 115’22. Near term support remains at 114’28 and near term resistance at 117’09. Yesterday we were able to put on the combination of short the Mar. Bond 112’00 put and short the Mar. Bond 119’00 call and collected 1’18 ($1,281.25). I feel that over the next 5 weeks this could yield a $500.00 profit if the Bonds stay between support and resistance. I do not have a recommended futures position at this time.
Grains: Yesterday Mar. Beans were 3 cents higher at 1061’0, Mar. Corn fractionally higher at 418’6 and Mar. Wheat 4’6 lower at 553’0. Over night Beans were fractionally lower, Corn 1 higher and Wheat fractionally higher. If you remain long Mar. Beans either take profits or raise your protective sell stop to the 1049’0 level.
Cattle: Yesterday Feb. Cattle closed 95 higher at 86.32. The long Feb./short Apr. spread gained 27 points, closing at 342 premium the Apr. We continue to hold this spread. Feb. Cattle appears to be breaking out to the upside. I will be a buyer on a sharp break (75-100 points) with a protective sell stop just below the 84.00 level.
Silver: Mar. Silver is currently 23 cents higher at 18.03. We remain long Futures from the 17.80 area and will look to take profits if the market rallies above the 18.40 level. We remain long out of the money call spreads in the July contract.
S&P's: Mar. S&P’s are currently 2.00 lower at 1130.25. 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 15 lower at 1.4352, the Swiss 6 higher at .9686, the Yen 58 lower at 1.0845 and the Pound 20 lower at 1.5972. We remain long put spreads in the Pound with the long leg of the spread in the money. Take profits on the spread if the Mar. Pound futures trade below the 1.5900 level. The Mar. Dollar Index is currently 10 higher at 77.95.