Financials: Mar. Bonds are currently 7 higher at 144’23 and the 10 Yr. Note 4 higher at 131’20.5. If you remain long Bonds from the 144’20 area either take the small profit or raise your protective sell stop to the 144’08 area from the 143’17 level.
Grains: Mar. Corn is currently 3’6 higher at 684’0, Mar. Beans 8’2 higher at 1375’4 and Mar. Wheat 4’4 higher at 751’6. Mar. Corn traded below the 682’0 level on Friday making a low of 678’0 over night before finding some support. Export sales remain below expectations. Support is now below the 670’0 level. Users (long hedgers) should consider covering their short term needs on breaks from current levels. As for speculation I will remain on the sidelines until the Jan. 11th Report. Look for a possible delay in the Report from the scheduled 7:30am time to 11:00am.
Cattle: On Friday Feb. LC closed 90 lower at 132.95 and Mar. FC 142 higher at 156.32 reflecting cheaper feed grain prices. I am currently on the sidelines.
Silver: Mar. Silver is currently 10 cents higher at 30.02 and Feb. Gold 4.00 lower at 1645.00. We continue to hold a small long position in Silver. We remain on the sidelines in Gold waiting to go long at lower prices.
S&P’s: Mar. S&P’s are currently 3.00 lower at 1455.00. On Friday we were stopped out of a recent short position when the market traded above the 1457.00 area. That being said I feel this market is overbought and will be a seller on rallies once again with a protective buy stop initially at 1472.00.
Currencies: As of this writing the Mar. Euro is currently 15 lower at 1.3065, the Swiss 8 lower at 1.0814, the Yen 32 higher at 1.1384 and the Pound 3 higher at 1.6062. My near term downside objectives have been met on both the Euro and the Yen and we have covered all short biased positions.
Questions? Ask Marc Nemenoff today at 312-264-4310
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