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Nemenoff Report 11/04/2022
Financials; Dec. Bonds are currently 1,1 lower at 119,7 10 Year Note 13 lower at 109;21 and 5 Year Note 10 lower at 105;25. Unemployment came in at 261K new jobs vs. estimates of 193k. Earlier this week the FOMC raised rates 0;75% as did the ECB (Europe) and the BOE (Great Britain. These raises were expected. Later comments by the Fed were deemed hawkish’ comments by the BOE seemed dovish as officials commented on their status on dealing with inflation’ The yield curve remains inverted with the short end gaining in yield on the long end. I remain long term negative the treasuries but feel we could be in for a bounce on Bonds. Support is currently 117’00 and resistance 123’00.
Grains; Dec. Corn is 2’2 higher at 682’4 and Jan. Beans up 16’0 at 1455’0. Long term trends remain up’ although near term we are now trending sideways. Support for Dec. Corn is 670’0 and resistance 705’0’
Cattle; Dec. LC are currently 151.95. As long as the trend remains up on Corn my bias remains negative on on both live and Feeder Cattle’
Silver; Dec. Silver is up 34 cents at 16.94. Near term trend has turned up while long term the trend remains down. Support is 16;26 and resistance 17.40.
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