Please  e-mail me with your comments and suggestions. Let me know how I
can refine the Nemenoff Report to better fit your needs. I would also
like to know if this report has been a useful tool for you.

Financials: Bonds are trading 1 lower this morning at 112'09.
Yesterdays CPI report came out +0.1% vs. pre-report estimate of 0.2%.
The market rallied to the 113'12 level and then broke to the 112'04
level slightly below support. If you sold the bonds yesterday lower
your protective buy stop to 112'21. My near term profit objective is
the 111'28-112'03 level. We remain long the Mar. 110'00 puts and
the long 10 yr. Note/ short Bond spread.

Grains: Yesterday the Grains rallied early on talk of good export
demand before profit taking came into play late in the session. Near
term support was violated in Mar. Beans at 668 and the next level of
support is now 655, resistance is currently at 688. Support for Mar.
Corn remains at 354 and resistance at 380. If support is broken the
next level will be 348. Support on Mar. Wheat remains in the 478-490
level and I recommend reinstating long positions close to the lower end
of support.

Cattle: Live cattle closed sharply higher putting our Dec. and Feb.
positions solidly in the plus column. Raise your protective sell stops
to 150 points below current levels. Take profits on a 100 point rally
from current levels. We remain long out of the money puts on the June
contract and spread long Feb./ short Jun from the 380 level premium the
Feb.

Silver: Dec. Silver is 23 cents lower as of this writing at 12.71. The
market failed at resistance yesterday and is now trading near support
at 12.60. If you remain long have protective sell stops in place. I
remain on the sidelines.

S&P's: Once again the S&P's made new contract highs, this time at the
1407 level. Support remains at 1384 and resistance is now new contract
highs.

Currencies: The Euro is 23 lower as of this writing at 1.2794. Support
was touched last night in the 1.2780 level. If this level is
penetrated, near term support will be in the 1.2730 area. Resistance
remains at 1.2880. I still prefer the short side on rallies. We
continue to hold out of the money puts.

mnemen...@alaron.com 800 935 6496

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