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 (6:00am) June Bonds Are 6 higher overnight at 158’20 and 1’22 higher for the week, 10 Year Notes up 1 overnight and up 17 for the week and 5 Year Notes up 1 at 124’04 up 9 for the week. Yields are once again slightly lower: the 2 year note art 15 basis points down 1 for the week, the 5 year note at 0,80% down 1 point, the 10 year down 6 at 1.55% and the 30 year down down 7 basis points at 2.23%. Yesterday it was rumored that Pres. Biden would be asking for a tax hike on capital gains for those making more than $1,000,000.00 per year to 43.6% causing a flight to safety in treasuries and a sell off in equities. We used this rally to reinstate short positions in Bonds above 158’00.
Grains: May Corn is 5’0 lower this morning at 545’0 after yesterday’s 25’0 limit up move and up 46’0 for the week. July Corn also 5’0 lower at 626”0. May Beans are 3,4 lower at 1530’0, up 122’0 for the week. July Beans are 5’0 lower at 1509’0. I am on the sidelines in Corn and remain long Nov. Beans and will no longer look to be a buyer in old crop. Poor growing conditions in Brazil have cut crop estimates in Brazil by 10-15%.
Cattle: Yesterday June LC closed 140 lower at 115.85 down420 for the week. Aug FC closed 355 lower at 148.37 down close to 800 for the week. Sharply higher feed costs has triggered liquidation of both LC and FC. I am using this break to reinstate long LC positions.
Silver: May silver is currently 10cents higher at 26.28 up 75 cents for the week. I am short from the 26.10 area.
S&P: S&P’s are 4.00 higher at 4132.00 down 2.00 for the but off by 40.00+ from recent highs. The rumored proposed tax hike should keep pressure on the indices.
Currencies: June euro ‘s are currently 53 higher at 1.2073 up 122 for the week, the Yen up 28 at 0.9283 up 57 for the week, the Pound up 53 overnight at 1.3893 up 106 for the week and the Dollar Index down 34 at 90.98 down 68 for the week. Based on technicals I remain short the Dollar Index and long the Pound and Yen.
Please reach out to me if you’d like to learn more about my strategy or get my entry levels.