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 2’05 lower at 133’14 and the 10 Yr. note 1’11 lower at 124’31.5. This mornings Unemployment Report showed an increase in non-farm payrolls of 195,000 vs. average guesstimates of 165,000. The Unemployment rate remained unchanged at 7.6% vs. expectations of a 0.1% drop to 7.5%. On Wednesday we saw the release of the ADP private jobs survey which saw an increase in private sector nohn-farm payrolls of 188,000 vs. expectations of 165,000. The somewhat surprising number in this private survey was the increase in construction jobs of 21,000. If you have been following this “Report” over the last couple of weeks the Bonds gave a selling opportunity near the resistance level of 136’15 (the high on 7’3’2013 was 136’27). The market is once again in support in the 133’20 level and may test the 6/24/2013 low of 133’04. I am just looking for short term trades at this juncture and will enter the market from the long side with a protective sell stop at 132’30.
Grains: On Wed. dec Corn closed fractionally higher at 503’0, Nov. Beans 6’4 higher at 1249’0 and Dec. Wheat 6’2 higher at 677’4. Coming in this morning I am on the sidelines awaiting the opening and curious to see how the Grains will react to a stronger Dollar which is currently on a one year high. If Dec. Corn can hold the 493’0 level I will look to be a buyer with a 10 cent risk.
Cattle: On Wed. Aug. LC closed 5 pts. Higher at 121.95 and Aug. FC 5 higher at 150.95. Oct. Feeder Cattle closed 7 lower at 154.82. Since my last letter (7/1/2013) Oct. FC gave a selling opportunity above the 154.75 level with a recent high of 154.95. I currently recommend using a protective buy stop in the 157.65 area to protect this position.
Silver: Sept. Silver is currently 67 cents lower at 19.01 and Aug. Gold 30.00 dollars lower at 1221.00. The market has had a negative reaction to the Jobs Report and remains in a long term downtrend. That being said, I am looking for support in the 18.00 area for Silver and the 1160.00 area in Gold.
S&P’s: Sept. S&P’s are currently 15.00 higher at 1624.00. We were stopped out of a recent short position in the 1629.00 area. That being said, I’m going to be a bit stubborn and reinstate a short position this morning with a buy stop above this morning’s high after the Jobs Report of 1630.75.
Currencies: As of this writing the Sept. Euro is trading 194 lower at 1.2823, the Swiss 187 lower at 1.0385, the Yen 81 lower at .9913 and Pound 383 lower at 1.4884. The Sept. Dollar Index is currently 1.27 higher at 84.72. Unexpected comments by both the British and Mario Graghi of the EU that they will do whatever is currently necessary to keep interest rates low has had the expected results of a strengthening Dollar. We have gone short the Dollar Index between the 83.80-84.40 area as recommended in my last “Report” from 7/1/2013. I currently recommend using a protective buy stop at 85.50. If the Index trades below the 84.10 level, either take the small profit or loss depending on your level of entry or lower your buystop to the 84.80 level. I will also be looking for short term trades from the long side of the yen below the 98.00 level 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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