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: Sept. Bonds are currently 6 higher at 141’11. The Monthly Unemployment Report showed an increase in non-farm payrolls of 175,00 vs. expectations of an increase of 169,000. The unemployment rate ticked up slightly to 7.6%. The July Bond 141’00/147’00 strangle is now at a $250.00 loss. This strangle should start to see accelerated time decay as it nears expiration. For the moment I recommend taking profits at 25 points (currently at 87 points) if the market allows. Yesterday upside resistance of 141’16 was penetrated dramatically to the upside putting resistance near yesterday’s high of 142’15. Support is now 139’02.
Grains: July Corn is currently 1’0 higher at 664’2, July Beans 11’0 higher at 1538’2 and July Wheat 3’6 higher at 701’2. Nearby contracts are holding firm as the trade perceives tight supplies. New crop contracts are settling into a sideways market awaiting any Crop Progress or weather news. I still recommend taking profits from any long nearby contracts. I will be looking to trade July Corn from the short side of the market in the 675’0 area with a 20 cent risk.
Cattle: Aug. LC are currently about unchanged at 120.00 and Aug. FC unchanged at 144.65. We have no speculative position at this time.
Silver: July Silver is currently 33 cents lower at 22.33 and Aug. Gold 11.00 lower at 1404.50. Gold is still in a tight range and failing on rallies above the 1415.00 level holding the down trend in tact. With support currently in the mid 1380’s and resistance in the 1415.00 area the gap between support and resistance is too narrow to interest me in initiating a trade until these level are broken through on a closing basis.
S&P’s: June S&P’s are currently 8.00 at 1630.00. On Wednesday support of 1613.00 was broken and the market found support on Thurs. just below the 1600.00 level. Resistance is currently 1633.00. I am a seller at current levels with a $500.00 risk.
Currencies: As of this writing the June Euro is currently 18 lower at 1.3229, the Swiss 25 lower at 1.0732, the Yen 107 higher at 1.0395 and the Pound 65 lower at 1.5543. Yesterday we took losses on short sales in the Euro above 1.3150 and the Yen above 1.0190 as these markets rallied dramatically on economically favorable comments by the ECB’s Mario Draghi. I am on the sidelines.
Questions? Ask Marc Nemenoff today at 312-264-4310
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.
SubscribeSign up to receive a daily summary of all PRICE | Market Insights blog posts
Most Recent Posts
- Gasoline prices back on the upward track in California
- Bitter Coffee with Jack Scoville [PRICE Links Video Series]
- The Nemenoff Report 12/06/13
- The Corn & Ethanol Report 12/06/13
- Morning Grains 12/06/13
- Morning Softs 12/06/13
- The Energy Report 12/16/13
- Fear or No Fear with Todd Horwitz [PRICE Links Video Series]