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 20 higher at 139’12 and the 10 Yr. Notes 7 higher at 128’27. This mornings Weekly Jobless Claims showed a drop of 12,000 vs. average expectations of an increase of 8,000. Retail Sales were up 0.6% vs. expectations of an increase of 0.4%. Import prices were lower than expected. I still remain moderately friendly to this market and continue to be a buyer on breaks for short term trades. We continue to hold the July Bond 141’00/147’00 strangle from 68 points (1’02) which expires next Friday. At this point we need the Bonds to go above 139’30 to make money on this position. We are currently at an $800 loss.
Grains: July Corn is currently 0’6 lower at 650’0 and Dec. Corn unchanged at 537’4. July Beans 6’0 lower at 1535’0 and Nov. Beans 6’0 lower at 1308’2. All things considered I feel that Dec. Corn has held up well given yesterdays Reports. We took to the sidelines on speculative positions coming into yesterday morning. I now am looking to go long Dec. Corn about 10 cents below the market with a 15 cent risk.
Cattle: Aug. LC are currently unchanged at 119.52 and Aug. FC 32 lower at 145.60. As expected, given the slide in Dec. Corn, Feeder Cattle gained on Live Cattle. I remain on the sidelines as far as speculative positions are concerned.
Silver: July Silver is currently 11.00 lower at 21.67 and Aug. Gold 12.00 lower at 1380.00. Gold remains in a downtrend with support in the 1358.00 area and resistance in the 1403.00 area.
S&P’s: June S&P’s are currently unchanged at 1610.00. The market came off of overnight low of 1397.50 (last weeks low was 1396.50) indicating a somewhat oversold situation following Japan’s nearly 7.0% loss in their equity markets. At this point in time I recommend covering short positions on breaks. Support is currently 1593.00 and resistance 1621.00
Currencies: As of this writing the Sept. Euro is currently 28 lower at 1.3311, the Swiss 42 lower at 1.0833, the Yen 153 higher at 1.0611 and the Pound 9 higher at 1.5676 (Please note we have switched from June to September contracts). The Yen has had a 500 point rally over the last few sessions as Japan’s economy is starting to show a slightly positive 1.0% growth rate after years of stagnation and recent monetary policy change that greatly increased their money supply. All that being said, I’m willing to sell the Yen at 1.0800.
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