Marc Nemenoff
(312) 264-4310
Financials: Mar. Bonds are currently 11 lower at 144’21 and the 10 Yr. Note 6 lower at 131’11. I still remain on the sidelines conceding that these markets may be heading under, but not liking the risk factor of being long 30 Yr. Bonds with a yield under 2.95%. I will be interested in putting in the long 10 Yr. Note/ short Bond spread if the Bonds should trade at the 146’00 level. We continue to hold the long 5 Yr. Note/ short 10 Yr. Note spread.
Grains: Over night Mar. beans traded 18 cents higher at 1176’0, Mar. Corn 8 higher at 607’6 and Mar. Wheat 9’4 higher at 611’6. As mentioned Friday I like the long side of Mar. Corn technically on breaks just below the 600’0 level. Uesewrs, such as livestock producers should be looking to be buyers to cover short term needs.
Cattle: Live and Feeder Cattle are currently called a bit higher. We are currently short Feb. LC and/ or Mar. FC with protective buy stops 225 points above Friday’s close.
Silver: Mar. Silver is currently 70 cents higher at 30.22 and Feb. Gold 25.00 higher at 1655.00. If you are long term bullish consider being long out of the money call spreads.
S&P’s: Mar. S&P’s are currently 8.00 higher at 1297.00. Friday my recommended buy stop to cover recent short positions at 1289.00 was penetrated putting us on the sidelines this morning. Near term support is currently 1281.00 and resistance is currently 1303.00.
Currencies: As of this writing the Mar. Euro is trading 54 higher at 1.2725, the Swiss 21 higher at 1.0515, the Yen 19 higher at 1.3023 and the Pound 46 higher at 1.5339. If you went long the Euro Friday for a short term trade either take profits or use a protective sell stop at your break even level. We continue to hold out of the money puts in both the Euro and the Yen.
I stubbornly remain long a Mar. mini Natural Gas.
Regards,
Marc
Questions? Ask Marc Nemenoff today at 312-264-4310
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