Judaism is not a heresy, it is the predecessor of Christianity.
Are both premises in this statement correct?
Jews still have the Old Covenant.
Again, is this correct?
God never revokes or breaks His covenants or promises. And God did make promises to the Jews.
I know that as Catholics we pray for the conversion of the Jews (just as we pray for the conversion of all non-Christians and the reunion of all Christians). I also know that in the 1st century Church, her worst enemies were not the Romans, but the Jews.
Where exactly do the Jews stand in Catholic Theology?
In considering this issue, let us all keep good charity and avoid language which may be construed as anti-Semitic.