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 (4am)Sept. Bonds are 8 higher at 164’20, up 23 for the week. The 10 Year Note up 2 overnight at 134”11, up 9 for the week and the 5 Year Note unchanged at 124’10,up 6 for the week. Yields continue to slip as the yield curve continues to flatten. The yield on the 2 Year Note is unchanged from a week ago at 0.21%, the 5 Year down 1 basis point at o.73%, the 10 year down 3 at 1.25% and the 30 Year Bond down 4 at 1.89%. factoring 2.5% inflation and the yield on the 10 Year we have a case for negative return. Yesterdays conclusion of the FOMC gave us more of the same as previous meetings. Rates were left unchanged, employment rate still a concern, some segments of the economy still not doing well and finally more conversation about “tapering” the Fed’s monthly Bond purchases. When this occurs (possibly in Sept.) it will be the “first shot over the bow” so to speak toward higher rates.
Grains: Dec. Corn is 2’0 higher at 551’0, up 6’4 since last week. Nov. Beans are up 11’0 at 1372’0, up 4’0 from a week ago. Hot dry weather in the plains states and western and northern Midwest states are probably going to result in a drop in yield. The question being will the crop yields in eastern Midwest states pick up the slack. Given last weeks sell off and subsequent rally I would surmise that given continued hot dry weather in those mentioned areas the damage is still not fully quantified.
Cattle: Aug. LC closed yesterday at 123.07, slightly lower but up 302 for the week. Aug. FC closed down 52 at 160.17, making new contract highs over the last week and closing 340 higher since my July 22nd “Report”. A friendly Cattle on Feed Report helped pave the way toward higher prices with a placement number 7% below a year ago. It is now time to switch my focus from Aug. contracts to Oct.
Silver: Sept. Silver once again fell below the $25.0 level finding support just below the 24.80 level. Sept. Silver is currently 62 cents higher at 25.50.
S&P’s: Sept. S&P’s are currently 675 higher at 4400.00 up 52.00 higher for the week. Earnings from “Big Tech” continue to beat estimates as the market continues to make new highs. Support is currently 4334.00 and Resistance 4420.00.
Currencies: The Sept. Euro is up 32 at 1.1882, up 76 for the week. The Yen up 14 overnight and 34 for the week at 0.9109. The Pound is up 46 at 1.3954, up 221 for the week. The Dollar index is down 24 for the day and down 71 for the week at 92.08. Trend is now short term up on the Yen and down on the Dollar Index.
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