Marc Nemenoff
PRICE Futures Group
Financials: Sept. Bonds are currently 2 higher at 139’27, 10 Yr. Notes unchanged at 126’07 and 5 Yr. Notes 1 lower at 119’25. I am using this break to take a loss on current long 10 Yr./short Bond spreads in the 13’20 area (theoretical loss of about $1,250.00). I’m still short biased the interest rate markets (higher rates down the road) but the technicals do ntot justify being positioned at the moment.
Grains: Dec. Corn is currently 3’0 at 369’2, Nov. Beans 3’6 lower at 1049’0 and Dec. Wheat 2’4 higher at 561’0. Corn and Wheat are starting to look interesting and Beans still look negative. I am once again going to try the long side of Corn below the 365’0 level.
Cattle: Oct. LC are currently 77 lower at at 146.45 and Oct. FC 187 lower at 211.50. I’m a buyer in Oct. LC below 145.00 and a seller above 150.00.
Silver: Sept. Silver is currently 11 cents higher at 19.53 and Dec. Gold unchanged at 1297.00. We remain long a small position in Silver.
S&P's: Sept. S&P’s are currently 3.00 lower at 1974.25. We continue to hold a combination of short futures and short out of the money puts.
Currencies: The Sept. Euro is currently 35 lower at 1.3286 and below the 1.33 level for the first time this Year. I recommend that you take one of the following actions if you remain short. Either take profits or lower your buy stop to the 1.3410 level. An alternative if you are short the standard full contract (125,000 Euro’s): Cover you position and sell a mini Euro (1/2 the standard contract size, 62,500 Euro’s) and use a buy stop at 1.3410.
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