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: Sept. Bonds are currently 16 higher at 155’10, 10 Yr. Notes 6 higher at 127’22 and 5 Yr. Notes 3.5 higher at 117’25.75. The Dec.19/Dec.20 Eurodollar spread has moved 4 points against us since last week, now at 40 points premium the dec.20 contract. The market is currently awaiting to hear if the ECB will lower rates today. Mid next week our Fed will meet and expectations are for a rate cut of .25%. I continue to hold the Eurodollar spread and remain short the 5 Yr. Note from the 117’22 area.
Grains: Dec. Corn is currently 0’6 lower at 430’0, Nov. Beans 4’6 higher at 913’0 and Dec. Wheat 3’2 lower at 502’4. I remain a buyer in Dec. Corn on breaks below 430’0.
Cattle: Live and Feeder Cattle have continued to trend higher over the last week. My upside objective for Aug.LC remains in the 110.00 area (yesterday’s close: 108.90).I fel there is another 5.00 to the upside in Feeder Cattle.
Silver: Sept. Silver is currently 1 cent higher at16.66. WE are staying long but raising protective sell stops for additional purchased longs from original long positions to 16.05. Watch for resistance in the 16.75 to 16.82 levels. Think about taking some profits above 16.80.
S&P’s: Sept. S&P’s are currently 4.50 higher at 3026.50 (new highs). Treat as a trading affair between 2993.00 and 3033.00.
Currencies: As of this writing the Euro is 35 lower at 1.11445, the Yen 4.5 higher at 0.92815, the Pound 2 lower at 1.2508 and the Dollar Index 13.3 higher at 97.585. We remain short from the 96.50 area with a buy stop just above the 98.00 level. Should the D.I. trade below 96.25 lower your stop to 97.25.