Financials: June Bonds are currently 11 lower at 133’10 and the 10 Yr. Note 7 lower at 123’26. We remain spread long 10 Yr. Notes/short Bonds which is currently trading at 9’16 premium the Bonds, about 1’00 against us. We continue to hold short biased positions in Eurodollars. I recommend covering March 2015 short positions should they trade below the 99.545 level.
Grains: May Corn is currently unchanged at 507’0 and Dec. 3’4 lower at 509’4. May Beans are currently 12’0 higher at 1494’4 and Nov. 4’0 higher at 1221’4. May Wheat 5’0 higher at 686’0. We remain spread long new crop/short old crop in Corn and Beans. Supply/Demand and Crop Production Report at 11:00am this morning.
Cattle: June LC is currently 10 higher at 135.37 and May FC 27 higher at 179.15. We have taken profits on short June LC positions and long out of the money June Hog put option positions. We remain long May FC 168.00 puts which are at a loss and worth about 30 points.
Silver: May Silver is currently 40 cents lower at 19.65 and June Gold 6.00 dollars lower at 1303.00. We remain long a small position in Silver. As for Gold, I’m long term friendly but given the action in the metals of late a bit hesitant to risk too much on the long side. Just to have some “skin in the game” I’m going long the june Gold 1400 call and the August Gold 1500 call each of which are trading in the $400.00 area.
S&P's: June S&P’s are currently 5.00 higher at 1850.00. We have covered the combination of short futures and short the May 1840 puts. If you decided to stay with this position accelerated premium decay is about 3 weeks away for May contracts. For the near term treat as a trading affair between 1835-1855.00. 1st Quarter Earning Season is upon us.
Currencies: As of this writing the June Euro is currently 2 higher at 1.3795, the Swiss 8 higher at 1.1336, the Yen 36 lower at 0.9806 and the Pound 9 higher at 1.6748. We continue to hold short biased position in the Euro. We continue to trade the Pound frm the short side on rallies for short term trades.
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EUR/USD stays near 1.0800 after upbeat US data
EUR/USD stays under modest bearish pressure and trades near 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.