Financials: Mar. Bonds are currently 9 lower at 118'21. The Mar. Bond 115'00 put is currently 2 higher at 47. We continue to hold the combination of short the Mar. Bonds and short the Mar. Bond 115'00 put. If you are holding multiple contracts of this position consider taking profits on half the position.
Grains: Yesterday Beans were 37 cents lower, Corn 13 lower and Wheat 18 cents lower. Over night Beans were 4 higher, Corn 3 higher and Wheat 2 higher. Yesterday the Grains fell sharply because of an unusually large one day move to the upside in the Dollar. Support for the moment was tested and held in the 1020'0 area in the Jan. Beans and I am looking to trade the Beans from the long side on setbacks to support. Support for Mar. Corn remains in the 380'0 area. Yesterday we were able to take profits on the combination trade of short the Mar. Beans 960'0 put and short the Mar. Beans 1160'0 call at 35'0.
Cattle: Yesterday Feb. Cattle closed 35 lower at 84.55. The long Feb. / short Apr. spread lost 10 points closing at 322 premium the Apr. On the electronic platform this morning Feb. Cattle is trading 45 higher at 85.00 and the Feb./ Apr. spread is gaining 22 points, trading at 300 premium Apr. We continue to hold this spread.
Silver: Mar. Silver is currently 5 cents higher at 17.25. We remain long futures and out of the money call spreads.
S&P's: Mar. S&P's are currently 2.00 higher at 1096.25. 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 14 lower at 1.4333, the Swiss 33 higher at .9593, the Yen 44 lower at 1.1079 and the Pound 28 higher at 1.6174. We remain long out of the money puts in the Euro and long out of the money put spreads in the Pound. If you trade more than one contract at a time take some profits. If you don't take the money, you don't make the money. The Mar. Dollar Index is currently unchanged at 78.09. I feel that the Index will trend higher, but run into resistance in the 80.20 area in the coming weeks. I will look to be a seller in this area if the market allows.