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 March Bonds are 2 lower overnight and down3’18 for the week, 10 Year Notes up 1 at 135’28 and down 1’13 for the week and 5 Year Notes down 1/2 tick overnight and down 16 for the week. Yields on the longer dated treasuries rose over the last week with the 5 Year now yielding.55%, the 10 year 1.29% up 16 basis points for the week and the 30 yr. bond now well above 2 percent at 2.09% up early 20 basis points. The 2 year remained steady at 0.11% as did shorter dated treasuries. I feel that overall the yield curve will continue to widen as the near term outlook for these instruments remains near zero percent but expectations down the road points toward economic recovery. Continue to trade from the short side on steep rallies in the 10 yr. notes and long bonds.
Grains: March Corn is currently down 3 cents overnight and up 18’0 for the week. March Beans are 4’0 lower at 1380’0 also up 18’0 for the week. I remain bullish both Corn and Beans.
Cattle: April LC closed 165 lower for the day but up 145 over the last 5 sessions. March FC closed at 138.425 down 235 Wednesday down 107 for the week. As stated in my last few reports I expect LC prices to. Work lower in the near term and higher down the road. One way to take advantage of this is put on the long August/ short April spread. I also feel that Feeder Cattle will follow a similar path as the recent cold weather storms have backed up cattle marketings which have not put on weight raising the cost of gain and causing increased marketings over the next few weeks. I remain cautiously bullish June and Aug. LC.
Silver: March Silver is currently 9 cents lower at 27.21 up 3 cents for the week. I will be a buyer should the market trade below 25.00.
S&P: March S&P’s are 16.00 lower at 3912.00 down 3.00 for the week. Support is currently 3892.00 and resistance 3950.00. Treat as a trading affair between support and resistance.
Currencies: The March Euro is currently (6:45am) 34 higher at 1.2078 down 61 for the week, the Yen 18 higher at 0.9462 down 89 for the week, the Pound up 80 at 1.3946 up 108 for the week and the Dollar Index down 24 overnight but up 34 for the week.
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MarcQuestions? Ask Marc Nemenoff today at 312-264-4310