Marc Nemenoff
(312) 264-4310
Financials: Mar. Bonds are currently 4 lower at 145’01 and the 10 Yr. Note2 lower at 131’17. The yield on the 30 Yr. is now 2.91% and the yield on the 10 Yr. 1.87%. I remain opn the sidelines, but will do the long 10 Yr. Note/ short Bond spread if the Bonds trade at 146’00. We continue to hold the long 5 Yr. Note/ short 10 Yr. Note spread.
Grains: Yesterday Mar. Beans closed 25 cents higher, Mar. Corn 4’4 higher and Mar. Wheat 2’4 higher. Over night Beans were down 7, Corn about 4 lower and Wheat 4 lower. I am interested in the long side of Mar. corn below the 600’0 level. Livestock producers should be looking to cover near term needs for Corn on any further price breaks.
Cattle: Yesterday Feb. LC closed 105 higher at 123.52 and Mar. FC unchanged at 152.37. I still like the short side of these markets with protective buy stops 225 points above the market. Average estimates for Friday’s Cattle on Feed Report are as follows: On feed 103.3% of a year ago. Placements 94.2% . Marketed 97.0%.
Silver: Mar. Silver is currently 4 cents higher at 30.17 and Feb. Gold 7.00 lower at 1648.50. If you remain long term bullish consider out of the money calls and/or call spreads because of the limited risk. Personnaly, I am on the sidelines.
S&P’s: Mar. S&P’s are currently about unchanged at to slightly higher at 1289.50. Treat as a trading market between 1281.00 and 1303.00.
Currencies: As of this writing the Mar. Euro is currently 90 higher at 1.2814, the Swiss 78 higher at 1.0610, the Yen 2 lower at 1.3023 and the Pound 30 higher at 1.5348. If you remain long the Euro either take profits or raise your sell stop. We remain long out of the money puts on both the Mar. Euro and Mar. Yen.
I remain long 1 Mar. mini Nat. Gas, currently at a loss.
Regards,
Marc
Questions? Ask Marc Nemenoff today at 312-264-4310
