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: It is not often that we see a trend changing game changing event,, but, this last last week saw one with the announcement by Pfizer of a vaccine for the Covid virus that is 90% effective. Of course this is good but there remains lots of questions which I won’t get into now but just accept it as good news This sent equities sharply higher and Bonds as low as 169’30! as of this writing (7:00am) Bonds are 13 higher at 171’04 down 3’0 for the week, the10 year note up 7at 137’25 down1’05 for the week and. The 5 year up 3 at 125’11 down 14 fo r t he week Yields are up for the week with the 2 year at 0.18 up 3 basis points, the 5 year at0.43 up 10, the 10yr. at .93 up16 and the 30year at 1.71 up 17 basis points. I’ll be a seller on sharp rallies above 173’00.
Grains: December Corn is 3’6 lower at 413’4 up 3’4 for the week, Jan Beans down 6’4 at 1146’0 up 30’0 cents for the week and Dec. Wheat unchanged at 559 3’0 drown 10’0 for the week. A decline in yield per acre for corn and beans pushed prices higher. I still like the long side of the market. Use protective sell stops for long positions.
Cattle: December LC closed 52 higher at 112.40 up 4.00 for the week and March FC down 25 at 141.60 up almost 7.00 for the week. Once again boxed beef demand remained brisk with the choice/ select spread narrowing marginally. I am on the sidelines.
Silver: December silver is unchanged at 24.26 down 1.60 for the week as market participants sold out of “safe havens”. Still too volatile for me.
S&P: S&Ps are 11.00 lower at 3556.00 up 70.00 for the week. The prospect of an effective vaccine against the virus has sent equities higher. Look for new highs.
Currencies: The Euro is 22 higher 1.1805, the Yen 21 higher at 0.9507, the Pound 49 lower at 1.3170 and the Dollar Index down 15 at 92.78 up .77 for the week. I am covering all short biased Dollar positions because of the reversal in Bonds.
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MarcQuestions? Ask Marc Nemenoff today at 312-264-4310