About The Author

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:  Dec. Bonds are currently 7 higher at 159’10 down 4’17 for the. 10 Year notes are up 2 at 131’17 down 1’12 for the week and the 5 Year Notes are unchanged at 122’21down 17 for the week. Yields have risen to new recent highs with the 2 year at 30 basis points, the 5 year at 1.00%, the 10 year now at 1.53% and the 30 year at 2.07%.  These markets are continuing to sell off as the Fed signals its readiness to “taper” their monthly Bond and mortgage back securities purchases. What we don’t know is the pace at which the Fed will slow down these purchases from the current 120 Billion Dollars per month. Traders will also be watching the progress of congressional action and voting to extend the debt ceiling. Technically the Bonds went through near term support of 161’24 like a hot knife through butter, finding new support just under 158’00. Long term support is 153’00. Resistance is now 161’15.

Grains:  Dec. Corn is currently fractionally higher at 539’4 and Nov. Beans 2’2 higher at 1286’0. Corn is up 16’0 for the week and Beans about  unchanged. This mornings Grain Stocks Report is expected to reflect the rumored pick up in export demand which has boosted Corn prices to the 540”0 level of near term resistance. Support for Corn remains at 512’0 and Beans 1268”0.

Cattle:  Yesterday Oct. LC closed 22 lower at 121.7, down 150 for the week. Oct. FC closed 150 lower at 154.62, down about 300 for the week. The surprise in last Friday’s Cattle on Feed Report was the 2.00% increase in placements which triggered a sell off. Support for Oct. LC is now 120.80 and for Dec. LC 125.80. Resistance on LCV is 124.25 and for LCZ 129.70.

Silver: Dec. Silver is 16 cents higher at 21.64. Long and short term trends are now down. Long term support is the 18.00 are with resistance at 24.00. The strength of the Dollar and the rise in yields in treasury instruments has been keen competition for a safe haven for investors.

S&P:  Dec. S&P’s are 17.00 higher at 43.67, down 42.00 for the week. The prospect of higher interest rates has sold off this market, particularly the debt heavy tech sector. Support for the near term is 4330.00 and resistance 4415.00.

Currency: the Dollar Index has continued to strengthen making new highs for the year, now 94.33. Consequently the Euro, Yen and Pound trends are now negative. The search for yield has grown demand for dollars to buy treasuries.

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Regards,

Marc

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