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 (6:30am) Bonds are up 21 over night at 176’01 and up 1’15 for the week, 10 Year Notes up 5 at 139’12.up 17 for the week and 5 year Notes up 1 at 125’30 up 7 for the week. Yields are lower for the week with the 2Yr. note down 2 basis points at 0.13, the 5 yr. down 4 at 0.29, the 10 yr. down 7 at 0.70 and the 30 yr. bond down 11 at 1.46%, The breakdown in negotiations toward a stimulus package and the globally growing corona virus pandemic have pushed prices higher as investors seek the safety of treasuries. As I have postured the last few weeks I see little opportunity in these markets for the near future until at least the November elections.
Grains: December Corn is 0’4 higher at397’0 up 5 cents for the week, November Beans down 4’2 at 1052’0 down 10’0 for the week and Wheat up 7’0 at 603’6. Good export demand and a friendly ending stocks report have pushed these markets higher. Those of you with long positions should respect upside resistance at 402’0 in December Corn and 1080’0 in November Beans.
Cattle: Yesterday both Live and Feeder Cattle closed moderately lower with Dec. LC Down 95 at 110.27 down 227 for the week and November FC down 50 at 136.32 down 155 for the week. Fear of declining demand and growing beef inventories continue to pressure these markets. I remain short LCZ.
Silver: December Silver is 44 cents lower at 23.97 down 16 cents for the week. Silver had a wide range for the week of approximately 23.80-25.40. Still too volatile to trade.
S&P: December S&P’s are 41.00 lower at 3440.00 up about 12.00 for the week. That being said, this market is about 100.00 off the last week’s highs as investors abandon the market due to the uncertainty of the stimulus package, the growing Covid pandemic and the upcoming elections. Continue to trade from the short side. Long term support is currently 3000.00.
Currencies: December Euro is down at 1.1730, the Yen down 15 at 0.9505, the Pound 101 lower at1.2927 and the Dollar Index up 34 at 93.71. Not much movement overall. I still have a negative bias towards the Dollar and the Pound.
Please reach out to me if you’d like to learn more about my strategy or get my entry levels.
MarcQuestions? Ask Marc Nemenoff today at 312-264-4310