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 21 lower at 140’29 and the 10 Yr. Notes 9 lower at 130’06.0. This mornings Weekly Jobless Claims showed a decline of 10,000 vs. expectations of a slight increase. PPI was right in line with expectations showing an increase for Feb. of 0.7%. We are flat coming in this morning with a neutral bias. Treat as a trading affair between 140’20 and 142’26. I feel at this point in time that the Bonds are oversold and prefer to trade from the long side for short term trades.
Grains: As of this writing the May Corn is currently fractionally lower at 710’0, May Beans 5’0 lower at 1442’0, May Wheat 3’4 higher at 713’4 and Dec. Wheat 1’2 lower at 726’0. We remain long out of the money call spreads in Dec. Wheat. As for outright positions, I remain on the sidelines awaiting a buying opportunity in Corn below 675’0 for the May contract.
Cattle: Apr. LC are currently 30 higher at 128.85 and Apr. FC unchanged at 142.27. My bias remains negative, that being said, I feel for the short term these markets are oversoldand recommend covering all speculative short positions.
Silver: May Silver is currently 35 cents lower at 28.62 and Apr. Gold 10.00 lower at 1580.00. We continue to hold a small long position in Silver. Apr. Gold failed to hold onto Tues. morning’s gains closing below the 1597.00 level, unable to technically indicate a change in trend (currently down). Support remains in the mid 1560,s. I will once again try going long (against the trend) in the 1568.00 area if the market allows with a protective sell stop just below the 1562.00 level.
S&P’s: June S&P’s are currently 3.00 higher at 1553.00. Treat as a trading market between 1541.00 and 1557.00. Use caution and close stops.
Currencies: As of this writng the June Euro is currently 28 lower at 1.2940, the Swiss 26 lower at 1.0483, the Yen 42 lower at 1.0377 and the Pound 17 higher at 1.4932. My bias is turning from negative to neutral putting me on the sidelines as I feel these markets are currently oversold particularly the Yen.
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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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