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Financials: As of this writing (5:30am) Sept. Bonds are 10 lower at 163’20, down 2’14 for the week. The 10 Year Notes are 4 lower overnight at 133’16, down 1’00 for the week and the 5 Year Notes down 2 this morning at 123’25.75 down 14 for the week. Yields are higher for the week gaining 4 basis points on the 2 year and up as much as 12 basis points on the 10 and 30 Year putting the widely watched 10 Year Note at 1.35%. The Bonds once again failed at the 166’00-167’00 resistance level and looks poised to test the 162’08 support level. These markets are selling off in anticipation of tomorrows speech by Fed Chair Powell at the Jackson Hole Symposium. It is expected that the issue of the Fed’s tapering their monthly bond purchases will be addressed and clues will be given as to when this will be initiated. In my opinion this will be a de facto rate hike or at the very least a preview of impending rate hikes.
Grains: Dec. Corn is currently 2’2 lower at 549”4 and Nov. Beans 3’0 lower at 1329’0, both about 10 cents lower for he week but well off of lows made earlier in the week. A drop in crop condition and good export demand rallied Corn 20 cents and Beans 40 cents off recent lows. Support on Dec. Corn is currently 532’0 and Resistance 562’0. Support for Nov. Beans is 1284’0 and Resistance 1360’0.
Cattle: Oct. LC closed yesterday at 130.30 down 140 but higher for the week. Oct. FC closed down 95 at 169.275, up 600 for the week. The market trend is up due in part to a friendly Cattle on Feed Report which showed placement and on feed numbers below expectations. Cold storage was also friendly. Support for Oct. LC is 128.60 and Resistance 132.50.
Silver: Sept. Silver is 21 cents lower at 23.56. Trend remains down. Still too volatile to trade.
S&P ;Sept S&P’s are 4.00 lower at 4489.00, up 27.00 for the week. Market still making new highs, however, momentum has slowed Resistance is yesterdays’ high of 4497.00.
Currency: Most major currencies are little changed to higher for the week. The Dollar Index at 92.99 is down 43 for the week. Near term trends sideways.
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