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Financials: Mar. Bonds are currently 0”9 higher at 156’22, 10 Yr. Notes 0’03.5 higher at 128’28.0 and 5 Yr. Notes 0’01.5 higher at 118’23.75. The market is slightly higher for the week as the market had a wild swing from 156,07 to 159’17 as Iran bombed an air field in Iraq. The market started to calm down once an Irani statement was released (I’m paraphrasing here) claiming this will be an isolated reprisal for the death of their high-ranking General. To be fair, Iraq was warned by Iran in advance so that civilians could be evacuated. I will stay tuned for any changes or additions to this story. Support remains in the 155’15 area and resistance is now 158’28 barring another black swan event. I continue to have a negative bias.
Grains: Mar. Corn is currently 2’0 higher at 386’2, Mar. Beans3’6 higher at 951’0 and Mar. Wheat3’4 higher at 556’4. Crop production report tomorrow. I feel that yield per acre will be closely watched and expect a loss of 0.5 bushels per acre from last month’s estimates for Corn and Beans. I am cautiously friendly to these markets on sharp breaks.
Cattle: Live and Feeder Cattle have had a mixed week with deferred LC losing some ground and nearby FC gaining about 3.00. I remain negative deferred LC contracts which are currently trending sideways. Support for Apr. LC is the 124.50 area and resistance the 129.00 area.
Silver: Mar. Silver is currently 17 cents lower at 18.00 and steady for the week. I must note that it traded in the 16.80’s as a result of the Irani actions. I remain long.
S&P’s: Mar. S&P’s are currently 10.00 higher at 3270.00. Trend remains up as the market keeps making new highs (the trend is your friend!)
Currencies: As of this writing the Mar. Euro is unchanged at 1.11575, the Yen 155.5 lower at 0.91725, the Pound 61 lower at 1.3064 and the dollar Index 11.4 higher at 97.104. I still have a bullish bias to the Euro and Pound and a negative bias to the Dollar. Resistance in the DI is 97.40.