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Financials: June Bonds are currently 25 higher at 140’13, up 21 for the week. 10 Year notes are up 16 at 119’24, up 27 for the week. 5 Year Notes are 10 higher at 113’08.5,up 19 for the week. Support of 138’14 in the Bonds was penetrated as the market broke below 136’00 on inflation news (CPI came in at 8.3% year over year) only to consequently rally to 141’03 as the market saw a flight to safety in the wake of a sell off of equities. Yields dropped since last week and the yield curve steepened (yield on long dated treasuries are higher than short dated). Yields are as follows: 2 Year 2.6%, 5 Year 2.82%, 10 Year 2.84% and 30 Year 2.99%. Support is currently 136’24 and resistance 141’13 for June Bonds.
Grains: Dec. Corn 2 cents higher at 737’6 down a penny for the week and Nov. Beans down 13 cents at 1459’2, down 35’0 for the week. Crop production and supply/demand reports this morning at 11:00. I still like the long new crop/short old crop spreads. I thnk the Reports will show new crop fundamentals will show global tight supplies later this year.
Cattle: June LC are 70 lower at 132.875, down 200 for the week. August LC are 85 lower at 133.80, down 320 for the week. Aug. FC are down 110 at 168.90, down 825 for the week. As Corn prices stabilized FC lost ground to the LC market. I still like the long Live Cattle/ Short Feeder Cattle spreads. Support for June LC is 131.40 and resistance 134.60.
Silver: July Silver is 54 cents lower at 21.03. Trend remains down.
S&P: June S&P’s are 30.00 lower at 3900.00,down 345.00 for the week which saw 100.00+ranges nearly everyday as the market absorbed sobering inflation data. Trend remains Down. Near term support s 3865.00 and resistance 4050.00.
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