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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: March Bonds are 3 lower at 161’09, 10 Year Notes 2 lower at 130’21 and 5 year Notes 1.5 lower at 121”00.0. Not much to report as the Bonds are still rangebound between 160’00 and 164’00. The yield curve again inched higher as the price of Bonds lost ground to shorter dated treasuries.

Grains:  March Corn is fractionally lower at 602’2 and March Beans 4’0 lower at 1331’0. The trend on both Corn and Beans has turned to sideways to higher as these markets traded through upside resistance amid dry weather in the S. American plains of Brazil and Argentina. These markets could become quite volatile over the next week as the year unwinds because of thin markets.

Cattle:  Feb. Live Cattle closed about 40 higher Wednesday at 137.375, down about 140 for the week. Support is now 136.050 and resistance 138.150. Cattle on Feed Repot this afternoon should reflect higher marketings. I still suspect that packers are overbought ( too much inventory).

Silver:  March Silver is up 2 cents at 22.84, up about 30 cents for the week. As stated last week, I suspect we will see bottoming action amid a retest of recent lows of the 1.50 area. Resistance should come into play above 23.10.

S&P:  March S&P’s are 12.00 higher at 4698.00, up slightly for the week and substantially off the weekly low of 4520.00. The possibility of a “no” vote on the build back better program and the prospect of European lockdowns due to the rapid spread of the covid-19 variant Omicron rocked this market earlier in the week. Like the Bonds, this market will have sharply lower volume for the rest of the year and could be very volatile (sharp rallies and breaks).

Currency: The March Dollar Index 19.5 higher at 96.250. Trend remains up with short term resistance above 96.50. This market needs a close below 95.40 to violate the uptrend. If this occurs it will pique my interest in other currencies (Pound, Yen and Euro).

There will be no “Report” next week. I will resume on Jan. 6th.

Happy Holidays,

Marc

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