Financials: Mar. Bonds are currently 1 lower at 144'26 and the 10 Yr. Note 2 lower at 131'21. Since Wednesday the market has traded through my recommended sell stop against current long positions at 144'30 putting us on the sidelines. My bias is now to the short side of the market on rallies above the 146'20 level if the market allows.
Grains: Mar. Corn is currently fractionally lower at 698'2, Mar. Beans 9'0 lower at 1470'4 and Mar. Wheat 3'0 higher at 747'4. We remain long the Mar. Corn 800'0 call. At 11:00am (Chicago time) we will have the monthly Crop Report. This January report has moved the market substantially in the last 5 out of 8 years in both directions. I will send out a Grain comment after the Report.
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