Marc Nemenoff
PRICE Futures Group
Financials: Mar. Bonds are currently 5 higher at 154’13, 10 Yr. Notes higher at 126’09 and 5 Yr. Notes 3.2 higher at 118’18.2. not much change since yesterday as these markets now appear to be in a sideways pattern. We continue to hold the long 5 Yr./short 10 Yr. Spread and will liquidate if this spread narrows by 8 points over the next few days from it’s current level of 7’23 premium the 10 Yr. t5o 7’15 premium the 10 Yr.
Grains: Mar. Corn is currently 2’2 higher at 353’6, Mar. Beans 5’2 higher at 861’2, Mar. Chicago Wheat 4’0 higher and Mar. KC Wheat 2’0 higher at 456’2. We remain long KCW/ short Chi.W.
Cattle: Yesterday Feb. LC gave us the opportunity to cover recent short positions trading as much as 230 lower at 134.50 for a small loss, before rallying back to higher for the day. Feeders closed moderately higher gaining 175 points on the nearby Jan. contract. I will once again try the short side of the feb. LC above 138.10 level. We were unable to sell the recommended Feb. LC 132/140 strangle at 375 points.
Silver: Mar. Silver is currently20 cents higher at 14.04 and Feb. Gold 5.50 higher 1080.70. We remain long.
S&P's: Mar. S&P’s are currently 12.00 lower at 1997.00 after a late afternoon and early evening rally to the 2017.00 level after the market tested support of 1983.25. That beingthe market closed well below the 200 day moving average of 2038.86. If you followed yesterday’s recommendation of going short in the 2015.00 area either take profits or use a close stop.
Currencies: As of this writing the Mar. Euro is currently 85 lower at 1.0761, the Yen 18.5 higher at 0.84120, the P:ound 43 lower at 1.4670 and the Dollar Index 51 higher at 99.48. Yesterday we were stopped out of a recent short position when the market traded abgove our break even level of 98.710. I am willing to once again try the short side of thye3 Dollar at current levels. We remain long the Yen (either futures or the Mar. 85.00 call) and recommend either taking profits or using a close stop. If you are long the 85 call consider rolling up to a higher strike price as a means of reducing risk.
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