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 1’06 lower at 160’12 and down 4’00 for week. 10 Year Notes down 14 overnight at 134’22 down 1’06 for the week and the 5 Year Note down 7 at 124’31 down 19 over the last 5 trading sessions. Imelda are up dramatically amid fears of inflationary pressure, even the 2 year yield bumped up to 0.14%. The 10 year is now at 1.45% up 7 basis points over night and the 30 year bond now yielding 2.30% up 21 basis points over the last week. The yield curve is expected to continue widening as longer dated treasuries gain in yield over shorter term instruments. I feel that Bonds and Notes are temporarily oversold and this trade is over crowded. Next week we will be looking at the June contract currently in the 158’20 area.
Grains: March Corn is 4’0 lower at 555’0 and up 13’0 for the week. Beans are up 15’0 overnight at 1438’0 and up 58’0 for the week. Good anticipated export demand and unfavorably dry S. American weather continue support these markets. Continue to trade from the long side on breaks.
Cattle: April LC closed 102 higher at 122.22 but down nearly 200 for the week. March FC closed 180 higher at 140.37 up 195 for the week. I still like the long August/short April LC spread and remain outright bullish June and August Live Cattle.
Silver: May Silver is up 11cents at 28.03 and up 72 cents for the week helped by inflationary fears which have lifted the price of both precious and industrial metals. Volatility remains high. I’ll be a buyer should this market break.
S&P: S&P’S are currently14.00 lower at3908.00 down Just 4.00 for the week which had a range of 3804.00 to 3936.00 establishing support and resistance levels. Treat as a trading affair between 3870.00 and 3930.00
Currencies: The Euro is currently 84 higher at 1.2236 up 160 for the week, the Yen 21 lower at 0.9421 down41 for the week, the Pound 16 higher at 1.4141 up 195 points for the week and the Dollar Index 42 lower at 89.75 68 lower for the week. If you continue to hold short biased Dollar Index positions either cover or use a close stop.
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