Marc Nemenoff
PRICE Futures Group
Financials: Dec. Bonds are curently 11 higher at 136’06, 10 Yr. Notes 5 higher at 124’04.5 and 5 Yr. Notes 2.5 higher at 118’01.5. The market is showing signs of evening up before this weeks FOMC meeting and some flight to quality before the Scottish vote on the referendum for independence.The market will be waiting to see if the fed has any language that will indicate that it is moving up the clock on when it will begin to raise rates. The long June 2015/short June 2017 Eurodollar futures spread has met my objective of 202 premium the June 2015 (currently at 203) putting us on the sidelines.
Grains: Dec. Corn is currently 2’4 lower at 336’0, Nov. beans 6’2 lower at 979’0 and Dec. Wheat 4’6 lower at 497’6. Last weeks Grain Report showing huge crops in Corn and Beans had the expected effect of trading to new recent lows. We are on the sidelines looking for the kink in conventional wisdom to give us a reason to go long (cold wet weather?)
Cattle: Oct.LC look slightly lower this morning and Oct. FC slightly higher. If you remain spread long Jan./short Nov. FC take profits below the 590 level premium the Nov. We remain long the Oct.LC 148.00 put and will take profits above the 60 point level, currently at 30 points.
Silver: Dec. Silver is currently 4 cents higher at 18.65 and Dec. Gold 4.00 higher at 1235.50. We remain long a small position in Silver. We will be looking to trade Gold from the long side on breaks below 1225.00.
S&P's: Dec. S&P’s are currently 1.50 lower at 1975.25. WE remain short and will roll Sept positions to Dec. this morning (the spread is currently 8.00 premium the Sept.). If you remain short I recommend using a protective buy stop at 1998.00. If the market trades below 1268.00 I recommend the following actions: Lower your buystop to 1986.00, take profits, sell the Oct. S&P 1900 put above 13.00.
Currencies: As of this writing the Dec. Euro is currently 32 lower at 1.2926, the Swiss 32 lower at 1.0685, the Yen 6 higher at 0.9330 and the Pound 15 lower at 1.6229. We are currently on the sidelines. The market will be focused on this weeks Scottish independence vote and the FOMC meeting.c
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