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) March Bonds are down 6 points at 172’23 and down 1’17 since my last letter (11/19/2020), 10 Yr. Notes down 1 at 138’09 down 8 for the last 2weeks and the 5yr. Note unchanged at 125’26 up 12 for the 2 week period. Yields based on the cash market are 0.15 on the 2yr., 0.43 on the 5 yr., 0.93 on the 10 yr. and 1.68 on the 30yr. Bond. The market has been gyrating as the news cycles focus on good news vs. bad news re. the Covid virus. Record infections, deaths and hospitalizations vs. the near term benefits of a vaccine. For the, moment I WANT TO FOCUS ON THE POSITIVITIES OF MASS INOCULATIONS with the possibilities of the reopening of the economy and the inflationary effects that will come. I feel that rates on the longer dated treasuries will go above 1% for the 10 yr. and 2% for the 30 yr. I expect the 2&5 year notes to stay steady with few trading opportunities. I remain a seller in bonds and 10 yr. notes on sharp rallies.
Grains: March Corn is down 4’0 this morning and about unchanged since my last “Report”, Jan. Beans down 4’2 at 1164’0 down about 4’0 for the last 2 weeks and mar. Wheat 3’6 Lower overnight at 580’6 about 7’0 lower for the last 2 weeks. As I have mentioned before the focus is now on S. American weather and export demand. Both have been good and expectations are for a bean crop larger than the U.S. Crop. I feel that in spite of the large S. American crops world wide inflation will carry the day and will remain a buyer on breaks.
Cattle: Yesterday December live cattle closed 110 lower at 109.60 down about 100 for the last 2 weeks and Mar. FC Down 165 for the day but up 240 since November 19th. I still retain a negative bias as meat inventories rise and deliverable weights creep up to 1500+ pounds.
Silver: Mar. Silver is currently 23 cents higher at 24.36 and up 25 since my last Report. I am still on the sidelines because of the high volatility.
S&Ps: Dec. S&PS a e up 10.00 at 3675.00 and up 117.00 over. The last 2weeks. I still look for this market to continue to move higher.
Currencies: I have no opinion at this time as my downside objectives for the Dollar has been met as have my upside objectives for the Euro and Pound. Stay tuned.
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MarcQuestions? Ask Marc Nemenoff today at 312-264-4310