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) March Bonds are 10 higher overnight at 167’27 and 12 higher for the week, 10 year notes 3 higher at 137’01 and up 11 for the week. The 5 Year Note is up 1 overnight and up 3 for the week at 125’29. Yields have weakened slightly with the 2year steady at 0.11, the 5 year at 0.45%, the 10year at 1.13% and the 30 year bond at 1.91. I will note that Bond yields touched 2.0% for a short period (about 5minutes) late last week. Fed policy remains unchanged keeping short term rates unchanged and expecting inflation to stay under 2% despite a small bump upward as evidenced by the 0.3% CPI yesterday. I remain negative longer dated treasuries and somewhat friendly short term dated (90 day- 2 yr.). 1 will once again be a seller in Bonds should they trade above 170’00.
Grains: March Corn is unchanged at 532’0 and down 22’0 for the week and Beans up 8 cents overnight at 1362’0 down 14’0 for the week. Tuesday’s Grain report showed ending stocks to be more than expected sending prices on a 2 day break of 30+ cents in corn and 50+ cents in beans. I will use this break as a buying opportunity risking 10 cents in corn and 20. cents in beans.
Cattle: April LC closed down 112 points yesterday at 122.70 up 25 points for the week. March FF closed up 85 at 139.50 up about 100 for the week. A break in feed prices reversed the FC/LC spread with feeders gaining sharply on the Live cattle market. I still like the long side of June and August Live Cattle.
Silver: March Silver is currently 9 cents higher at 27.18 up 72 cents for the week. Not much to comment on this week. I remain long term friendly but cautious because of high volatility.
S&P: March S&P’s are 12 higher at 3915.00 up 85.00 for the week. As stated last week I prefer the short side of this market on rallies. If the Fed is right about their being little inflationary (reflation) pressure leads me to believe this market is over priced. Use close protective stops.
Currencies: March Euro’s are currently 2 higher overnight at 1.2139 up 140 for the week, the Yen down 8 at 0.9551 up 50 for the week , the Pound unchanged at 1.3834 up 155 for the week and the Dollar Index unchanged overnight but down106 for the week.
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