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 (6:00am) December Bonds are 20 higher at 176’20, 10 Yr. Notes 3 higher at 139’22.5 and 5 Yr. Notes up 1.25 at 126’02.0. The major news this morning is that President Trump and the First Lady have both tested positive for the Covid Virus. At 7:30 this morning we have the monthly Employment Report which surely will be overshadowed by the President’s health issues. Overall rates are little lower, although slightly higher for the week with the long end gaining a few ticks on the short end. With the Fed keeping rates near zero, I see very little opportunity in treasuries.
Grains: December Corn is 3’2 lower at 379”4, November Beans 6’4 lower at 1017’0 and December Wheat 5’0 lower at 565’2. This week’s ending stocks report showed inventories well below trade estimates pushing prices moderately to sharply higher. Support for Corn is now the 363’0 area and 998’0 for Beans. I am a buyer on breaks.
Cattle: Yesterday December Cattle were 52 lower at 111.82 and November Feeder Cattle 80 lower at 141.25. A slightly negative Cattle on Feed Report and and up higher feed grain prices have pushed prices lower for the week. We remain short live cattle.
Silver: December Silver is 18 cents lower at 24.07 and up$1.71 for the week. I feel this market is still too volatile to position.
S&P’s: S and P’s are currently 54.00 lower at 3314.00, down 15.00 for the week. This market had been trending higher trading as high as the 3380’s before the news of POTUS and FLOTUS contracting the virus around 1:00am. The market immediately broke sharply and has not moved much since. I remain negative. Continue to trade from the short side.
Currencies: Currently the December Euro is 18 lower at 1.1745, the Yen 33higher at 0.9514, the Pound 47 higher at 1.2944 and the Dollar Index up just 2 pts. at 93.78.
I continue to have a negative bias on the Dollar and remain short the D.I. the Pound is close to resistance at 1.3050 and the Yen appears to be a buy on breaks for the long term.
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