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: Sept. Bonds are currently 8 higher at 138’27, down 1’27 for the week. 10 Year Notes are 7.5 higher overnight at 118’28 and down 1’16 for the week. As expected with a down market yields are up and the yield curve has flattened with the 5 Year now yielding slightly more than the benchmark 10 Year Note. Yields are as follows: 2 Year 2.66%. 5 Year 2.92%. 10 Year 2.89%. 30 Year Bond 3.05%. As noted by Treasury Secretary Yellen, the Fed and Treasury Dept. got it wrong while gauging and predicting inflation which is currently about 8.0%, well above the targeted 2-2.5%. The trend remains down, that being said I feel these markets are currently in support. Resistance, however, is now 141’20.
Grains: Dec. Corn is 5’6 higher at 697’2,down 23’0 for the week. Nov. Beans are 13’4 higher at 1528’0, up 13’4 for the week. Crop progress and condition has been better than expected for Corn as there has been more than enough precipitation in the Midwest pushing feed grain prices lower. I still like the long new crop/short old crop spreads for both Corn and Beans.
Cattle: Aug. LC are 20 lower at 132.70, up 20 for the week. Aug. FC are 10 lower at 169.62, up 145 for the week .Aug. LC may be starting to form a bottom. Support is currently 130.25 and resistance 134.10. Feeder Cattle prices have gained because of cheaper Corn.
Silver: July Silver is 30 cents higher at 22.22. This market beginning to look as if the trend is changing from negative to positive. Support is just under 21.50 with some resistance at 22.80. This market still needs to overcome the search for yield in the investment community as rates edge higher.
S&P: June S&P’s are currently15.00 lower at 4084.00, up 70.00 for the week .Support is currently 3871.00 and resistance 4155.00
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