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 10 higher at 145’16, 10 Yr. Notes 3.5 higher at 121’26.5 and 5 Yr. Notes 2 higher at 114’16. With the Government partially shut down now for nearly a month the market is down slightly from last week. Most eyes are focused on Great Britain and Brexit. P.M. Teresa May was voted down nearly 2 to 1 on Brexit proposal but managed to withstand a vote of confidence and able to keep her Government intact. We might be seeing a slight flight to safety to U.S. Treasuries bot nothing dramatic As for the yield curve, a slight bump up with longer dated instruments gaining yield on the shorter terms. We remain long June 2019/short Dec. 2019 Eurodollars from -5 points June under Dec., now trading at -1. Our objective is 5 points premium the June.
Grains: Mar. Corn is currently 1’4 higher at 375’4, Beans 3’4 higher at 898’0 and Wheat0’2 higher at 512’6. I currently have no positions but feel we are still headed lower. That being said I am looking to the long side for opportunity should we have a substantial break, 15 cents in Corn and 30 cents in Wheat.
Cattle: Live and Feeder Cattle went their separate ways as nearby Live Cattle contracts gain about 200 points breaking through the 127.00 are on the upside and Jan. Feeders broke 300+ points. I stubbornly remain short Feb. LC.
Silver: Mar. Silver is currently 8 cents lower overnight at 15.56 down 12 cents for the week. I remain long with a protective sell stop on ½ of my position at 15.38. I have changed my strategy from having my entire position covered by this stop as I feel the Dollar will eventually weaken and this should be bullish to Silver.
S&P’s: Mar. S&P’s are currently 10.25 lower at 2603. I am recommending being long either out of the money Puts and/or Put spreads 50 to 100 handles out of the money.
Currencies: As of this writing the Mar. Euro is currently 14.5 lower at 1.1442o, the Yen 4 higher at 0.92295, the Pound 28 higher at 1.2939 and the Dollar Index 2.8 higher at 95.705. We remain short the Dollar Index and long Yen.
Questions? Ask Marc Nemenoff today at 312-264-4310