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Marc Nemenoff

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) June Bonds are 1’25 lower at 153’11 and down 4’30 for the week, 10 Year Notes down 0’31 over night and down about 6’00 for the week at 131’05 and the 5 Year Note 0’13 lower at 123’21 down 15 for the week. As expected with such a break in treasuries yields have jumped higher on longer dated instruments. The 2 year is up 2 basis points at 0.16%, the 5 year up 11 at 0.87%, the 10 year 0.24 for the week at 1.74% and the 30 year bond now at 2.49% up 26 basis points for the week. The FMOC left rates unchanged but noted the heating up of the economy as well as.the slack in the labor market with 9.5 million people out of work. They also commented on inflation noting that inflation over 2% is transitory. Admittedly Bonds and 10 year notes have broken beyond my expectations and I am retreating to the sidelines.

Grains:  May Corn is currently 3’0 lower overnight at 555’0 up 18’o for the week and May Beans 10’0 lower at 1407’4 brown 3’4 for the week. Support on May Beans is now 1395’0 and.support on May Corn now 542’0. Technicals still point higher. I still find Nov. Beans attractive in the 1211’0-1220’0 area.

Cattle:  Yesterday April LC closed 122 higher at 119.42 up 65 for the week. April FC settled 132 higher at 144.65 up 332 for the week. The long Aug./short Apr. live cattle spread has exceeded my expectations closing yesterday at at 225 premium Aug. and traded as much as 310 premium the Aug. If you remain in this spread kudos to you. I suggest either taking the money or using a close mental stop (most order entry platforms do not take stops on spreads).

Silver:  May Silver is currently 10 cents higher at 26.15 down 21 cents for the week. Support is 24.90 and resistance 27.20. Trend remains up. Buy breaks to support.

S&P:  June S&P’s are currently 26.00 lower at 3937.00 up 23.00 for the week. As expected this market made new highs over the last week in the 3975.00 area. Treat as a trading affair between 3896.00 and 3962.00.

Currencies:  The June Euro is 38 lower overnight at 1.1962 down 23 for the week, the Yen 16 lower overnight at 0.9179 down 42 for the week, the Pound up 24 at 1.3973 up 20 for the week and the Dollar Index up 22 at 91.66 up 4 for the week. I am looking to reinstate a short biased Dollar Index position should the D.I. Trade above 92.25

Regards,
Marc

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