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 8 lower at 135’11 and the 10 Year Notes 9 lower at 126’11.5. Mixed messages by individual Fed members have had these markets gyrating in a range from the mid 134’s to the low 136’s as traders try to decipher exactly what scaling back of Fed bond purchases will mean. Bottom line the Fed is still going to add to their balance sheet but at a slower pace probably through 2014. Treat as a trading affair between 133’20 and 136’20 for short term trades (1-3 days) and use close stops.
Grains: July Corn is currently fractionally lower at 667’0 and Dec. Corn 2’0 lower at 536’4. July Beans 2’4 higher at 1551’0 and July Wheat 3’0 higher at 666’4. Going into today’s Planted Acreage and Stocks Reports the market has held firm on old crop contracts and broken about 20 cents on new crop contracts as the market anticipates a huge Corn Crop. All things considered I feel the Dec. Corn has held up relatively well and has not retested support in the 527’0 area. Another item that I haven’t heard much talk about is the demand for Corn for ethanol as crude oil prices, at least to me, have held firm at high prices. Should the market set back 10-20 cents on the Report I will look for a buying opportunity.
Cattle: Aug. LC are currently 12 lower at 122.80 and Aug. FC 15 higher at 149.85. I will be a buyer in Aug. LC below 119.50 and a seller above 124.25. Feeder Cattle producers should be looking for hedging opportunities in the 155.00 area.
Silver: Sept. Silver is currently 2 cents higher at 18.57 and Aug. Gold 21.00 dollars lower at 1190.00. Trends remain down, however, Gold is approaching long term support in the 1158.00 area. Long term position traders may want to start looking for buying opportunites at lower prices.
S&P’s: Sept. S&P’s are currently 4.00 lower at 1602.50. We are currently short this market from the low 1590’s and willing to give this position some room.If the market trades below the 1588.00 level I will enter a buy stop at 1615.00. For the near term support is currently the 1583.00 area and resistance the 1615.00 area.
Currencies: As of this writing the Sept. Euro is currently 31 higher at 1.3083, the Swiss 23 higher at 1.0614, the Yen 65 lower at 1.0103 and the Pound 13 lower at 1.5240. The Sept. Dollar Index is currently 6 lower at 83.09. I will be a seller in the Dollar Index above 83.80 if the market allows.
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.
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