About The Author

Marc Nemenoff

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: June Bonds are currently 10 lower at 140’20, 10 Yr. Notes 2.5 lower at 118’15.0 and 5 Yr. Notes 0’00.5 lower at 112’27.5. Since last week the yield spread between the 30 Yr. Bond and the 10 Yr. Note has surprisingly (to me) narrowed to 13 basis points yielding 3.24% and 3.10% respectively. Even with the yield curve continuing to flatten the short 2 Bonds/long 5 10 Yr. Notes picked up 6 points. If you are still in this spread with the original ratio of short 3 Bonds/long 5 10 Yr. cover the one extra Bond and congratulate yourself with the extra profit. We also put on the long Dec. 2019/ short Dec. 2018 Eurodollar spread at 40 points premium the 2018 contract (currently at 40.5). I have of profit objective of the spread narrowing to 31 points.
Grains: July Corn is currently 1’6 higher at 401’0, July Beans 4’4 higher at 1004’2 and July Wheat 9’2 higher at 503’4. Overall the Grains remain under pressure due to a strong Dollar, improving weather conditions and currency problems in Argentina. That being said I feel that Beans will support in the 985’0 area and will be a buyer at that level should the market abide.
Cattle: In the last week we have seen June LC traded as high as 108.05 before breaking to just under the 102.00 level. If you went short in the 107.00-108.00 area (re: last week’s Report) take profits below 103.00. I am now looking to the long side of the market and will be a buyer on breaks. The cash market is still at a huge premium to the futures and I feel that this gap will narrow with not only a break in the cash but with a rise in futures.
Silver: July Silver is currently 7 cents higher at 16.45 and 29 cents lower for the week. We remain long. Gold is once again on my radar as it approaches long-term support in the 1275-1280.00 area. Both of these markets have suffered as a result of a strong Dollar due to an increase in short to mid-term rates (as the 10 Yr. holds above 3.1%). That being said I feel that Silver has held up fairly well.
S&P’s: June S&P’s are currently 6.50 lower at 2716.50. I am still holding short biased positions. Support is currently 2693.00 and resistance 2742.00.
Currencies: As of this writing the June Euro is currently 3 higher at 1.18310, the Yen 41 lower at 0.90485, the Pound 22 higher at 1.3526 and the Dollar Index 3.9 higher at 93.320. I am still recommending going short the Dollar Index above 93.20. I will also be a buyer in the Euro below 1.1725 and a buyer in the Pound below 1.3400.

Regards,
Marc
 

Questions? Ask Marc Nemenoff today at 312-264-4310         A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA 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. ©2018