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 8 higher at 146’31 and the 10 Yr. Note 4.5 higher at 132’29.5. This morning’s Weekly Jobless Claims Report showed a decline of 4,000 vs. average expectations of an increase of 8,000. If you went long over the last couple of days in the 146’16 area either take the short term profit or use a protective sell stop at 146’21.
Grains: July Corn is currently fractionally lower at 632’6, July Beans 6’4 higher at 1397,0 and July Wheat 1’0 lower at 705’0. We remain long out of the money call spreads in Dec. Wheat. I am looking to reinstate a long position in July Corn below the 618’0 level if the market allows.
Cattle: Aug. LC are currently 15 higher at 120.15 and Aug. FC 42 higher at 145.75. Both FC and LC made new recent lows yesterday with some Feeder Cattle contract months making contract lows. Producers who have been hedged with short Feeder Cattle futures might consider rolling out of their short futures contract and into long put option positions as these markets are reaching an oversold condition. Speculatively speaking I will be looking to trade either June or August Live Cattle from the long side on a break below the 118.50 level if the market allows.
Silver: July Silver is currently 15 cents lower at 23.76 and June Gold 11.00 dollars lower at 1463.00. Continue to treat Gold as a trading affair between the 1430’s and 1480’s.
S&P’s: June S&P’s are currently 3.00 lower at 1625.75. Once again this market has made new all time highs overnight at 1631.00. I have “thrown in the towel”(mea culpa) and covered all short positions and will retreat to the sidelines until Monday. Support is currently 1616.00 for the near term
Currencies: As of this writing the June Euro is currently 27 lower at 1.3135, the Swiss 10 lower at 1.0685, the Yen 4 lower at 1.019 and the Pound 5 higher at 1.5544. The June Dollar Index is currently 10 higher at 82.05. 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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