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 30 higher at 143’35,up 1’00 for the week. The yield curve remains inverted with the 2&5 year yields above the 10 and 30 year instruments. Resistance of above 143’00 was penetrated as the Bonds made a new recent high of 145’14 before backing off to the 142’00 area. I am still following the principle of “don’t fade the Fed’ believing that rates are going to continue on an upward trend (which would mean lower Bond prices), Resistance for Sept. Bonds is now 144’18 and support 140’15.
Grains: Dec. Corn is 2’0 higher at 598’2 down 16 cents for the week. Nov. Beans are 13’2 higher at 1393’0, down 23 cents for the week.It has been quite a volatile week as trends turned from short term up to short term down as export demand softened. Support for Dec. Corn is now 583’0 and resistance 614’0.
Cattle: Oct. LC is currently 10 lower at 143850,up about 150 for the week. Short term trend has turned up while long term remains sideways to down with resistance at the weekly high of 144.125. Packers have been busy dealing with inventory control for the coming Labor Day weekend. Support is now 140.75.
Silver: July Silver is up 12 cents at 20.01, up 34 cents for the week. The trend has finally turned up for the short term but subject to high volatility. Support is 18.40 and resistance 20.60.
S&P: Sept. S&P’s are unchanged at 4157.00, up 20.00 for the week. Support is 3925.00 and the market is in short term resistance at current levels.
Questions? Ask Marc Nemenoff today at 312-264-4310