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: As of this writing (5:00am) Sept. Bonds are unchanged at 181’08, 10 Yr. Notes 0’01.5 lower at 139’18.5 and the 5 Yr. Notes fractionally lower at 125’25.50. Yields continent to drop and the yield curve continues to narrow as the market absorbs the news of initial jobless claims of 1.4 million and the prospect of another stimulus package Of 1-3 trillion dollars. Normally you would think this addition to the ones supply would have a negative effect on rates, however the Fed will now have more ammunition to support the various Bond markets in an effort to keep rates near 0. The rate on the 2 yr. is steady with last week at 0!15, the 5 Yr. down 2 basis points at 0.27, the 10 Yr. 5 points lower at 0.57 and the 30Yr. Down 9 at 1.23%. The spread between the 2-10 yr. has narrowed to 0.42 basis points from last week’s 0.48. I still feel rates have room on the downside and continue to be a buyer on breaks. Resistance in bonds is 183’00.
Grains: Dec. Corn is 0’6 higher at 336’2 , September Beans up 0’4 at 901’2 and Sept.
Wheat up 1’6 at 535’4 (down 15 cents for the week. I still like the long side of Corn and Beans. My Corn objective is 360’0 for December.
Cattle: Both Live and Feeder Cattle are little changed for the week after trading at higher prices earlier in the week the market should remain under pressure as boxed beef prices stay under reassure. I remain short FC.
Silver: Sept.Silver is 18 cents lower at 22.805 but up 3 .00 dollars for the week.after taking a significant loss when this market dipped under 12.00 a few month’s ago I have been gun shy and on the sidelines. Resistance is at 24.00
S&P: Sept. S&P’s are 10.00 lower 3217.50 after falling 40.00 yesterday on the perception of a weakening economy’s so evidenced by a weak tech sector and disappointing Jobless claim numbers. Granted the tech heavy Nq100 is only 2 days past an all time high and S&P just below the highs of the year it may be to early to call atop. That being said I will be a seller on rallies.. Use stops!
Currencies: The Sept. Europe is 0.0010 lower at 1.16120, the Yen 0.00355 higher at 0.94100 , the Pound 0.0002 higher at. 1.2742 and the Dollar Index 0.016 lower 94.665.
Ire in long the euro and the Pound and sort the Dollar Index. To be honest this trade has succeeded beyond my short term expectations. Use stops to protect profits. The D.I. Should show support at 93.00.
MarcQuestions? Ask Marc Nemenoff today at 312-264-4310