Marc Nemenoff
PRICE Futures Group
Financials: Sept. Bonds are curently 6 lower at 138’`5, 10 Yr. Notes 4 lower at 125’05 and 5 Yr. Notes 2.5 lower at 119’03. This will be a busy week for release of economic data, the most important of which will GDP on Wed., FOMC on Wed. and the Monthly Jobs Report on Fri. I expect a continuation of “paring” as it concerns continued Quanitative Easing. Somewhere in the language of the release of FOMC could be a time frame for an expected ending to QE which could indicate a slight bump upwards in yield sometime between late 2014 and mid 2015. We remain spread long the 10 YR. Note/short Bonds.
Grains: Dec. Corn are currently 3’0 higher at 374’6, Nov. Beans 14’4 higher at 1098’0 and Dec. Wheat 3’4 lower at 556’2. We remain long Dec. Corn and have been hanging on with the thinnest of margins with a stop at 363’2 which has come close to being executed several times last week as the market traded within a penny and a half of our price. I am still a little friendly to new crop Beans as the Nov. contract has held recent lows of 1055’0.
Cattle: Friday’s Cattle on Feed Report showed the following: The Placement number was less than expected with other figures in line with expectations. The early call is higher for both Feeder and Live Cattle with the nearby Aug. LC contract expected to be sharply higher as the market takes into consideration the discount to the cash market which purportedly traded in the 162-163.00 area late last week. My only thought on this market is to look around for puts that appear to be cheap.
Silver: Sept. Silver is currently 3 cents higher at 20.67 and Oct. Gold 1.00 higher at 1305.00. We remain long Silver. If you remain long Aug. Gold,either take profits or roll your position into either the Oct. or Dec. contracts and raise your protective sell stop to the 1291.50 level. S&P's: Sept. S&P’s are currently fractionally higher at 1972.00. We continue to hold a combination of short futures and short the Sept. 1900 put.
Currencies: As of this writing the Sept. Euro is currently 5 higher at 1.3438, the Swiss 7 higher at 1.1064, the Yen unchanged a 0.98826 and the Pound 16 higher at 1.6986. We continue to hold short biased positions in the Euro. Keep abreast of sanction news for Russia, this will effect the Euro (am I stating the obvious?).c
Futures and options trading involves substantial risk of loss and may not be suitable for everyone. The valuation of futures and options may fluctuate and as a result, clients may lose more than their original investment. In no event should the content of this website be construed as an express or implied promise, guarantee, or implication by or from The Price Futures Group, Inc. that you will profit or that losses can or will be limited whatsoever. Past performance is not indicative of future results. Information provided on this website is intended solely for informative purpose and is obtained from sources believed to be reliable. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
Recommended Content
Editors’ Picks
EUR/USD fluctuates in daily range above 1.0600
EUR/USD struggles to gather directional momentum and continues to fluctuate above 1.0600 on Tuesday. The modest improvement seen in risk mood limits the US Dollar's gains as investors await Fed Chairman Jerome Powell's speech.
GBP/USD stabilizes near 1.2450 ahead of Powell speech
GBP/USD holds steady at around 1.2450 after recovering from the multi-month low it touched near 1.2400 in the European morning. The USD struggles to gather strength after disappointing housing data. Market focus shifts to Fed Chairman Powell's appearance.
Gold retreats to $2,370 as US yields push higher
Gold stages a correction on Tuesday and fluctuates in negative territory near $2,370 following Monday's upsurge. The benchmark 10-year US Treasury bond yield continues to push higher above 4.6% and makes it difficult for XAU/USD to gain traction.
XRP struggles below $0.50 resistance as SEC vs. Ripple lawsuit likely to enter final pretrial conference
XRP is struggling with resistance at $0.50 as Ripple and the US Securities and Exchange Commission (SEC) are gearing up for the final pretrial conference on Tuesday at a New York court.
US outperformance continues
The economic divergence between the US and the rest of the world has become increasingly pronounced. The latest US inflation prints highlight that underlying inflation pressures seemingly remain stickier than in most other parts of the world.