Marc Nemenoff
PRICE Futures Group
Financials: Dec. Bonds are currently 16 higher, 10 Yr. Notes 6 higher at 125’26.5 and 5 Yr. Notes fractionally higher at 109’15.0. Renewed military activity between Russia and Ukraine have rallied the Bonds in “risk off” trade, flight to safety. Given the upcoming long weekend I am on the sidelines in these particular treasuries. That being said, I’m looking for opportunity in shorter dated securites by putting on long June 2015/short June 2017 Eurodollar futures spreads below the 182 premium the June 2015 contract.
Grains: Dec. Corn is currently fractionally higher at 365’6, Nov. Beans 3’0 higher at 1026’6 and Dec. Wheat 5’2 higher at 552’4. We are currently lightly long Dec. corn and Nov. Beans with protective sell stops 15’0 below the market. If Corn rallies 10-15 cents and Beans 15-30 cents either take the quick profit or raise your stop to breakeven level.
Cattle: Oct. LC are currently 65 higher at 148.45 and Oct. FC 35 higher at 212.50. I’m on the sidelines until next week.
Silver: Geopolitical tensions have rallied Silver 32 cents to 19.80 (Dec.) and Gold 10.00 dollars to 1293.50. We remain long Silver.
S&P's: Sept. S&P’s are currently 7.25 lower at 1990.00. Increased tensions between Russia and Ukraine has caused a bit of selling this morning. Volume remains very light and should be paid attention to. If the market breaks further from present levels on incresed volume we may be ready for a downside correction. We remain short.
Currencies: As of this writing the Sept. euro is currently 20 lower at 1.3177, the Swiss 6 lower at 1.0928, the Yen 9 higher 0.9637 and the Pound 7 lower 1.6571. We remain short the Euro with a protective buy stp at 1.3380. If the market trades below the 1.3135 level, lower your stop to 1.3310. Of note: The Yen may be bottoming out, stay tuned.
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