Marc Nemenoff gives his readers an insight into the decision making process of a professional trader and analyst with 35+ years of market experience. He covers the markets with which he has had the best success throughout his career with. Contact Mr. Nemenoff at (312) 264-4310
Financials: June Bonds are currently 12 lower at 143’18 and the 10 Yr. Notes 3.5 lower at 131’16.5. I continue to have a long term negative bias but caution against selling breaks. Resistance remains in the 144’26 area and support is currently the 143’05 area. Consider going long out of the money puts and/or put spreads or yield curve spreads such as long 10 Yr. Notes/short 30 Yr. Bonds or long 5 Yr. notes/short 10 Yr. Notes.
Grains: May Corn is currently 1’6 higher at 705’0, May Beans 5’6 higher at 1467’6, May Wheat unchanged at 702’4 and Dec. Wheat 0’4 higher at 725’6. We remain long out of the money call spreads in Dec. Wheat. I will be a buyer in May, July or Dec. Corn on a 25 cent break.
Cattle: Apr. LC are currently 12 higher at 130.47 and Apr. FC 12 higher at 144.85. Trends remain down. I will be a seller in Apr. LC in the 131.35 area.
Silver: May Silver is currently 50 cents higher at 29.00 and Apr. Gold 10.00 higher at 1582.00. We continue to hold a small long position in Silver. Trend remains down in Gold but the market continues to show some support in the 1568.00 area. Resistance is currently 1588.00. For the near term I am willing to trade from the long side on breaks to the 1568.00 area with a protective sell stop in the 1561.00 area.
S&P’s: Mar. S&P’s are currently 6.00 higher at 1531.75 with a new high at 1532.75. Needless to say we were stopped out of any remaining recent short positions at our break even level (see “Report” dated 3/1/2013). We remain long the 1480 put which cost 6.00 ($300). An inportant area to watch today is the 14198 level for the Dow Jones Industrial Index which is the all time high interday and the 14168 level which is the all time high close. As for futures treat as a trading affair between 1513.00 and 1537.00 with close stops.
Currencies: As of this writing the Mar. Euro is currently 20 higher at 1.3045, the Swiss 6 higher at 1.0634, the Yen 36 higher at 1.0740 and the Pound 50 higher at 1.5160. Trends remain down but I feel these markets are currently oversold and due for a bounce. I am on the sidelines.
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Futures and options trading involves substantial risk of loss and may not be suitable for everyone. The information presented is from sources believed to be reliable and all information is subject to change without notice.
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