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 (6:45am) Dec. Bonds are 10 higher at 160’24, 10 Year Notes 3 higher at 130’17 and 5 Year Notes 1 higher at 121’16.25. One of the highlights for the week was the strong retail sales number for the month at +1.7%, which was higher than expectations. Yields rose accordingly with the 2 Year now at 0.5%, the 5 Year at 1.23%, the 10 Year at 1.59% and the 30 Year at 1.98%. Along with the boost in yield we saw a slight widening of the yield curve (longer dated treasuries yield-shorter dated treasuries yield, i.e. 2Year vs. 10 Year). The Bonds traded through last weeks support of 160’09 making a low of the 159’23 area and held resistance of 163’14. Longer term support is now the 157’15 area and resistance remains at 163’14. Up coming in the next week: Will Pres. Biden reappoint Powell as Fed Chairman? I’m interested in your opinion, e-mail me at email@example.com.
Grains: Mar. Corn is 2’0 higher at 583’4 and Mar. Beans 5’4 higher at 1293’6. Both Corn and Beans are higher for the week and appear technically to have broken out to the upside. Wet weather in S. America may delay planting and has been part of the story on the surge in Soy prices. Support for Mar. Corn is now 571’0 and resistance remains at 595’0. Support for Mar. Beans is the 1265’0 area. Resistance is now 1305’0 after rallying through last weeks resistance of 1255’0.
Cattle: Dec. Live Cattle were range bound over the last week trading in a sideways pattern and going nowhere. For the moment I will put support at 130.75 and resistance at 132.65. If the market trades above 132.85 resistance will be 134.15. I expect good Holiday demand (Thanksgiving through New Year’s) will keep this market firm. There is an old market adage: Never sell a sleeping market.
Silver: Dec. Silver is 35 cents lower at 24.82. Too volatile for me to trade futures, think options. Support 23.85, resistance 25.80.
S&P: Dec. S&P’s are 11.00 higher at 4697.25. Trends are once again higher with resistance at the contract high of 4711.00, support is now 4667.00.
Currencies: The Dec. Dollar Index is down 0.03 at 95.80. Over the last week resistance of 95.40 was handily penetrated and made a new high of 96.27. the trend remains up as the search for yield keeps the Dollar strong against the Euro, the Pound and the Yen. Support is now 95.40 and resistance 96.20.
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