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
As many of you may or may not know I have Parkinson’s disease. Though not life threating the symptoms have advanced to the point that DBS (deep brain stimulation) surgery will be very beneficial to me as it will negate tremors and the need for the quantities of medication that I take daily in order to relieve tremors and dyskinesis among other symptoms. The surgery takes a full day and an overnight hospital stay. Here’s the “rub”, to quote the bard, the recovery and subsequent follow-up will take 5-8 weeks.. All that being said, this will be my last “Report” for the next one -two months.
Wishing you all good trading, Sincerely,
Financials: Mar. Bonds are currently 16 higher at 146’06, 10 Yr. Notes 7 higher at 122’07 and 5 Yr. Notes 3.75 higher at 114’22.5. The long June/short Dec. Eurodollar spread is currently trading at 1 point premium the June. Yesterday the FOMC left rates unchanged as expected. Later in the day comments by Chairman Powell lead us to believe that Fed has taken a much more dovish stance than their Dec. 19th comments. I am currently out of the market having taken profits bon the June 19/Dec.19 Eurodollar spread at 41/2 points premium the June.
Grains: Mar. Corn is currently 0’4 lower at 380’6, Beans 3’0 higher at 923’6 and Wheat 1’2 lower at 515’4.
Cattle: Live and Feeder Cattle have gained slightly in the last week mainly due to exceptionally cold weather. I remain short Feb. LC from the 122.50 level and will use a protective buy order at 128.05 and will lower the stop by 100 points every time the market breaks 100 points. First notice day for deliveries is coming up shortly and although being short it is not much of a concern, I suggest being out of this position by Feb. 22nd before thin volume is a factor.
Silver: March Silver is currently 17 cents higher at 16.10, up 80 cents since last Thursday. I remain long with a protective sell stop at 15.10. I will raise the stop to 15.50 should the market trade above 16.50. I recommend rolling into the May contract mid-month to avoid delivery concerns.
S&P’s: Mar. S&P’s are currently 3.00 higher 2685.25. Good earnings by Microsoft, Boeing etc. and a more dovish stance by the Fed on interest rates led the market to a 40.00+ gain yesterday. I remain long out of the money puts and/or put spreads.
Currencies: As of this writing the Euro is 3 points lower at 1.15345, the Yen 21 higher at0.92345, the Pound 8 higher at 1.3156 and the Dollar Index 5 lower at 94.980. The Dollar Index has tumbled in the last few days as interest rates softened. I remain short the Dollar Index and long the Yen.