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;45am) December Bonds are 6 higher at 174’7 and up 0’29 for the week, 10 Yr. Notes unchanged over night at 138’26 up 0’11 for the week and the 5 Yr. Note up 0’00.5 at 125’25.0 up 0’04 for the week. Yields are as follows: 2 yr. Notes0,14% down 0.01 for the week, the 5 Yr. 0.34 down 0.03, the 10Yr. 0.78 down 0.06 and the 30 Yr. Bond at 1.56 down 0.09 for the week. The reclosing of schools and businesses due to Covid Virus resurgence has once again pushed treasury prices higher. The failure of congress to come to an agreement on a stimulus package kept treasuries from going even higher. As mentioned last week Bonds have support under 173’00 (low of the week in the low 172’00s). I now look for resistance above 175’11 as the election approaches and traders seek safe havens. Once again I see little opportunity at current price levels and will remain on the sidelines until after the election. The Fed seems set to keep rates near zero, DON’T FADE the FED.
Grains: December Corn is 3’0 lower at 398’4 down 16’0 for the week, November Beans down 4’0 over night at 1053’2 down 23’0 for the week and December Wheat down 6’6 at 602’0 down 26’0 for the week. The “virus”, falling equities and a stronger Dollar all contributed to a somewhat drastic sell off this week. Harvest continues at a good pace and yields per acre continue to look strong. The market will be looking to crop progress in S. America for direction for the next three months as we follow their growing season. I am on the sidelines until after the election.
Cattle: December Live. Cattle closed 62 higher at 104.67 up just 10 points for the week. March Feeder Cattle closed up 147 points at 129.52 down sharply for the week. Last week’s Cattle on Feed Report. Showed on feed at 104%, placements 106% and marketings 106% of a year ago. The placement number was above expectations and should be considered long term. negative. I continue to have a negative bias due mainly to the economic collateral damage of the Covid virus.
Silver: December Silver is 60 cents lower at 22.66 and down $2.34 for the week. A stronger Dollar and sell off in equities took this market to new recent lows. I remain on the side lines. It will take a break below 18.00 to pique my interest.
S&P: December S&Ps are 8.00 higher at 3271.50 after closing 100.00 lower yesterday and down nearly 150.00 for the week. To quote President Trump (not necessarily in the literal sense) Covid,Covid, Covid! I continue to have a negative bias.
Currencies: The Euro is down 33 at 1.1730, the yen up 21 at 0.9610, the Pound down 16 at 1.2981 and the Dollar Index up21 at 93.62. The Dollar and the Yen benefitted as safe havens as global markets sell off due to the increase of global rise in the spread of the pandemic. I am on the sidelines until after the elections. I retain a negative bias on the Dollar and the Pound.
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