Usd/Jpy …..Short Yen (Long Usd/Jpy) Long Ycs.

We’ve had this position on for quite a while.

We are going to use an 80.80 stp cls in Usd/Jpy which

is app 123.70 March futures… (app 15.40 YCS.)

This is strictly a protective stop. If we get stopped out we’ll look

to put this trade back on in a couple of weeks, hopefully at much better

levels.

30 Year Bonds ( long TBT)….We are using a 122.10 stop close only

based on the march futures for our short bonds/long TBT. ( app 36.40 TBT)

Once again this is a protective stop. If we get taken out of this trade

we will look to re-institute the trade at a much better level.

We’re looking for late day activity in the bonds after the release of the Fed Minutes.