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) December Bonds are up 19 overnight at 173’04 and up2’00 for the week, 10 Yr. Notes up 3 at 138’09 up 16 for the week and the 5 Yr. up 2 at 125’07 down 4 for the week. Yields are down for the week with the 2 Yr. down 1 basis point at 0.17%, the 5 yr. brown 4 at 0.39%, the 10 Yr. down 8 at 0.85% and the 30Yr Bond down 13 at 1.58%. Bonds topped out the week yesterday at 173’15 the breaking to 172’20 before rallying to present prices after the announcement of the closing of New York City schools Trumping the news of the Moderna virus vaccine. I feel that ultimately the vaccine will win out and the economy will grow slowly through 2nd quarter 2021 and heat up after that. This should push the 10 year yield over 1.00%.
Grains: December Corn is down 5’6 at 420’0 up6’4 for the week, January Beans down12’2 overnight at 1163’4 up 17’0 for the week and Wheat down 2’6 at 595’4 down 4’0 for the week. Harvest being just about finished good export demand and good growing conditions in S. America resulted in a volatile week which saw Beans make a high of 1189’2 before breaking to current levels. I remain friendly to grains and feel we will see new highs as the market gains some upside momentum as Commodity Funds increase already near historic record long positions.
Cattle: Yesterday December Live Cattle closed67 lower at 110.65 down175 for the week and March Feeder Cattle down 227 at 136.90 down 470 for the week. Technically the market formed resistance at 111.80 in LCZ and 140.00 in FCH. On the downside I expect the gap in March Feeders from 135.57-136.22 made November 9th to be filled with the possible break to the 132.50-133.50. Levels. I will be a seller on rallies. Cattle on Feed report tomorrow.
Silver: December Silver is 39 cent lower at 24.05 and 21 cents lower for the week after seeing prices form resistance above 25.00 earlier in the week, near term support is 22.50. Volatility remains high with long term support at 17.00-18.00.
S&P: December S&Ps are currently 7.00 lower at 3558.00 up 2.00 for the week. The prospect of a vaccine coming on the market initially by the end of the year and available for everyone by next spring should out weigh the near term shut down of schools, restaurants, bars etc.
Currencies: December euro is down 1.1839 up 34 for the week, the Yen down 15 at 0.9619 up 107 for the week, the Pound down41 at 1.3273 up 103 for the week and the Dollar Index up 24 at 92.25 down 23 for the week. I am covering all short biased Dollar positions.
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MarcQuestions? Ask Marc Nemenoff today at 312-264-4310