Financials: Mar. Bonds are currently 3 higher at 146'21 and the 10 Yr. Note 1 higher at 132'06. Weekly Jobless Claims were up 17,000 in line with average analyst expectations. Earlier in the week we were stopped out of any remaining long positions when the market traded through the 147'18 level (see Report from 12/17/2012). I'm heading for the sidelines at the moment.
Grains: Mar. Corn is currently 12'0 lower at 691'0, Jan. Beans 10'0 lower at 1427'0 and Mar. Wheat 18'0 lower at 787'4. Slowing export demand has broken the market over the last three sessions. We were stopped out of long Mar. Corn futures positions when the market broke through the 713'0 area putting us on the sidelines. We continue to hold the Mar. Corn 800'0/850'0 call spread. You might consider covering the short leg of this spread (850'0 call) at 2'2 leaving you long the 800'0 call. We originally put this spread on at 12'0 ($600).
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