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: Mar. Bonds are currently 15 higher at 145’07, 10 Yr. Notes 5.5 higher at 121’095 and 5 Yr. Notes 4.5 higher at 114’06.25. Since last week the Bonds are about 7 ticks lower while the 5 and 10 Yr. Notes are 6-8 ticks higher indicating a slight widening of the yield curve. Technically these markets look to be trending higher. That being said I remain on the sidelines until after New Years. The market is currently too volatile as risk on/risk off flights to and from safety make for too much risk, I’ll leave the market to the high frequency traders.
Grains: Mar. Corn is currently 2’0 higher at 375’2, Beans 4’6 higher at 887’6 and Wheat 2’4 higher at 512’4. We remain short Corn from above the 382’0 level. Either take profits or use a protective buy stop at 381’4.
Cattle: Live and Feeder Cattle gained 100-200 points over the last week amidst good retail demand. Cold storage and Cattle on Feed Reports were pretty much neutral to slightly negative, but not enough to have any prolonged price effect. I suspect we will see a pick-up in marketing’s as the unseasonably warm weather in the Midwest could encourage faster weight gain. I remain short Feb. LC from above the 122.0 level.
Silver: Mar. Silver is currently 8 cents higher at 15.420 and up 40 cents for the week. If you remain long either take profits or use a protective sell stop at 14.75. If you are long multiple contracts, take some profits.
S&P’s: Mar. S&P’s are currently 31.50 lower at 24.40.Despite yesterday’s record setting rally (in the DOW) the market feels like a rally in a bear market. I will be on the sidelines for the moment. My prediction last week of a Santa Claus rally came a week later than expected.
Currencies: As of this writing the Euro is 27.5 higher at 1.14605, the Yen 38 higher at 0.9079.5, the Pound 16 lower at 1.2683 and the Dollar Index 15.8 lower at 96.41. I remain long the Yen and short the Dollar Index.