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 4 higher at 134’07 and the 10 Yr. Notes 0.5 lower at 126’13.0. This morning’s Weekly Jobless Claims were up 7,000 at 343K vs. an average estimate of 340K. Durable Goods Orders were up 4.2% vs. an average pre-report estimate of 1.7%. However ex-transportation, orders were unchanged. I still remain on the sidelines with a slight negative bias. For the near term I will be a seller on a rally to the 136’15 area. If you are looking for a more risk adverse strategy consider going short the 10 Yr. Note in the 128’00 area or long the 10 Yr. Note/short Bond spread or the even more risk adverse long the 5 Yr. Note/short the 10 Yr. Note spread.
Grains: Dec. Corn is currently 3’4 lower at 476’4, Nov. Beans 19’6 lower at 1237’0 and Dec. Wheat 2’2 lower at 661’2. We were stopped out of a recent long Dec. Corn position when the market traded through the 487’0 level. The next level of support for Dec. Corn will be the 460’0 level. Excellent growing conditions have pressured these markets for the moment.
Cattle: Aug. LC are currently 12 higher at 121.70 and Oct. FC 15 higher at 158.15. The Live Cattle market is currently trending sideways resulting in historically low volatility. You might consider buying a combination of puts and calls on deferred contracts. Oct. FC on the other hand have rallied 12.00 off of it’s lows as a result of cheaper feed grains and tight supplies. I recommend short hedgers in FC to be looking for hedging opportunities. I also look to be treating Oct. FC as a trading affair between 155.00-159.00 favoring the short side of market on rallies.
Silver: Sept. Silver is currently 2 cents lower at 20.01 and Aug. gold 4.00 higher at 1323.00. I am a buyer on breaks.
S&P’s: Sept. S&P’s are currently 7.00 lower at 1676.75 well off of recent highs in the low 1690’s. Slower than expected growth and negative earnings report in Europe and Asia have pressured the markets this morning. Yesterday some negative earnings from construction related industries pressured the S&P’s while some better than expected earnings on tech related stocks helped rally the tech weighted Nadq 100 futures. Earlier in the week we went long the Sept. S&P 1620 put for 13.50 points. We will try to hedge this position on a break with the Sept. 1560 puts above 9.00 points (currently at 7.50) if the market allows.
Currencies: As of this writing the Sept. Euro is currently 30 higher at 1.3227, the Swiss 42 higher at 1.0710, the Yen 49 higher at 1.0033 and the Pound 8 lower at 1.5299. The Sept. Dollar Index is currently 16 lower at 82.24. I am interested in going long the Dollar Index below the 81.80 level today only 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.
SubscribeSign up to receive a daily summary of all PRICE | Market Insights blog posts