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Financials: As of this writing (6:00am) Sept. Bonds are up 1’00 at 166’02, 10 Year Notes up 11 at 134’16 and the 5 Year Notes up 4.5 at 124’07. Yields are down for the week with the 2 year at 0.20% down 2 basis points, the 5 Year at 0.74% down 7 basis points, the 10 Year now has a yield of 1.23% down 12 basis points and the 30 Year Bond down 15 basis points at 1.86%. As the price of Bonds and Notes has an inverse relationship to the direction of yield, Bonds are up 3’00 for the week and back in resistance in the 166-167’00 level. The FMOC minutes released yesterday revealed that tapering the Feds monthly purchasing of Bonds and Notes is a fait acompli, not if but when. Normally I would say that this is bearish but other news such as fear of slowing growth and resurgence of Covid and Afghanistan has trumped paring as traders once again engaged in a flight to the safety of treasuries. Support remains in the 162’08 area.
Grains: Dec. Corn is currently 5’6 lower at 559’2 and Nov. Beans 14’4 lower at 1339’2. These markets have sold off in the face of a friendly acreage report and good export demand. I suspect todays lower markets are more the result of a sharply lower equities market as traders go into risk off mode.
Cattle: Live and Feeder Cattle both closed moderately to sharply higher as feed grain prices worked lower lowering the cost of weight gain. Trends are up but approaching resistance on Oct. LC at 129.80.
Silver: Sept, Silver is 15 cents lower at 23.27. Trend remains down. Too volatile to trade.
S&P: Sept. S&P’s are 32.0 lower at 4362.0. Possible top at 4474.00. Fear of a global slowdown in growth and Covid lockdowns have caused a risk off atmosphere the last 2 sessions. Support is now 4310.00 and Resistance 4413.00.
Currencies: Since last week the Dollar Index has continue to rally adding 29 points overnight to 93.41 a level not seen since last November. The yen has benefitted from a flight to safety up 30 points this morning at 0.9132.
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