Financials: Mar. Bonds are currently 8 lower at 149’26, 10 Yr. Notes 1 lower at 122’31 and 5 Yr. Notes unchanged at 155’20. The long Dec. 2018/short Dec. 2019 Eurodollar spread is currently trading at 21 premium the 2018 contract. Rumors that China is going to slowdown purchases of U.S. treasuries has driven these markets lower, i.e. higher rates. This is unconfirmed as of this writing. My objective on the Eurodollar spread remains at 26 points premium the nearby. I will still be a seller in the 10 Yr. above 124’08.
Grains: Mar. Corn is currently unchanged at 349’0, Mar. Beans 0’6 lower at 946’2 and Mar. Wheat 1’6 lower at 432’4. We remain long Mar. Corn with an objective of 363’0. Grain Report tomorrow.
Cattle: Last week Feb. LC once again provided an opportunity to go short at 123.00. Yesterday LCG traded at a new recent low of 116.60. If you remain short either take profits or use a protective buy stop at 117.85.
Silver: Dec. Silver is currently a penny lower at 17.03. We remain long.
S&P's: Mar. S&P’s are currently 4.50 higher at 2755.00. I am on the sidelines until completely cured of shortitis (compulsive short selling).
Currencies: As of this writing the Mar. Euro is 74 higher at 1.2080, the Yen 6lower at 0.90060, the Pound 5 lower at 1.3533 and the Dollar Index 32 lower at 91.77. I am covering all short Pound and Dollar Index positions.
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