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: Dec. Bonds are currently 17 lower at 152’13, 10 Yr. Notes 5 lower at 125’09 and 5 Yr. Notes 0’01.7 lower at 117’15.7. Bonds broke nearly 2’00+ over the last couple of sessions in response to Fed comment “that it would be imprudent to wait for inflation to reach 2.0% to raise rates”. This could confirm a rate hike by the Dec. FOMC meeting. After recommending covering short positions last week I now feel we are in support at 151’25 for the Bonds and 124’30 in the 10 Yr. Notes. I will be a buyer on breaks for short term trades (1-3 days) with protective sell stops 12 points below the stated levels.
Grains: Dec. Corn is currently 1’2 lower at 352’6, Nov. Beans 6’0 lower at 659’4 and Dec. Wheat 2’0 lower at 459’4. The prevailing trend remains sideways to down. I remain on the sidelines, not finding a reason to be involved at the moment.
Cattle: Live and Feeder Cattle have had a fractious week, closing sharply lower to limit down early in the week as a result of a large placement number on last Friday’s Cattle on Feed Report. LC and FC have since rallied back about 50%. Late last week Oct. LC traded above 111.70 (see last week’s report) prompting us to raise our sell stop to 110.30 of which was executed early in the week taking us out of net long positions. We are going to bite the bullet and take the loss on long Oct./short Feb. spreads before first notice day for Oct. LC.
Silver: Dec. Silver is currently up 2 cents at 16.85, down 1 cents since last Thur. Report. A strong Dollar as a result of rising interest rates has kept pressure on the market pushing it down to a low of 16.705. I feel this market is showing resilience by closing above the 16.80 level. I am long from the 17.28 area.
S&P’s: Dec. S&P’s are currently 4.50 lower at 2500.00. I am currently on the sidelines.
Currencies: As of this writing the Dec. Euro is currently 17 higher 118.17, the Yen 9 higher at 0.89135, the Pound 19 higher at 1.3457 and the Dollar Index 5 lower at 93.121. Over the last week the Pound gave ample opportunity to go short above 1.3600. If you remain short either take profits or use a buy stop at 1.3515.
Questions? Ask Marc Nemenoff today at 312-264-4310
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Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses.
The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or futures. The Price Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author. Trading in futures contracts, options on futures contracts, and forward contracts is not suitable for all investors and involves substantial risks. ©2017
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