Marc Nemenoff
PRICE Futures Group
Financials: Sept. Bonds are currently 19 lower at 134’21, 10 Yr. Notes 12 lower at 124’01 and the 5 Yr. Note7 lower at 118’25.5. This mornings Monthly Unemployment Report showed an increase in non-farm payrolls of 288,00 much better than the expected estimate of 215,000. The unemployment rate dropped tov 6.1% from 6.3%. Support of 135’08 was handily penetrate on the number which pushed the Bonds to a low of 134’11. Support is now the 133’28-134’08 area, levels where I am now willing to trade from the long side of the market on breaks.
Grains: Dec. Corn is currently fractionally higher at 418’2, Nov. Beans 4’0 higher at 1145’0 and Dec. Wheat 2’6 higher at 601’0. We remain a light buyer in Dec. Corn with a protective sell stop just ubder the 408’0 level. I am also a light buyer in Beans and Wheat on breaks for short term trades.
Cattle: Aug. LC are currently 225 higher at 155.45 and Aug. FC 110 higher at 217.30, once again on new highs. We remain long the Aug. 142.00 put purched for 25 points. Consider this a “lottery ticket”.
Silver: Sept. Silver is currently 24 cents lower at 21.06 and Aug. Gold 14.00 lower at 1317.00. We remain long Silver. On breaks below 1295.00 in Aug. Gold I will be a buyer for short term trades with a 12.00 risk.
S&P's: Sept. S&P’s are currently 2.50 higher at 1670.25. The response to the Employment data in my opinion is rather tepid. Given the three day weekend and shortened trading session today, I choose the sidelines.
Currencies: As of this writing the Euro is trading 40 lower at 1.3618, the Swiss 45 lower at 1.1208, the Yen 31 lower at 0.9794 and the Pound 39 lower at 1.7114. We remain long Aug. puts in the Euro.
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