Marc Nemenoff
PRICE Futures Group
Financials: Sept. Bonds are currently 10 higher at 140’27, 10 Yr. Notes 6 higher at 126’07.5 and 5 Yr. Notes 3.5 higher at 119’18.5. Bonds continue to out pace shorter term treasuries and coming close to the yearly high of 141’21 which we will use as a resistance level to trade from the short side for short term trading. Next week we will be looking at Dec. contracts which currently carry a discount of 1’14 in Bonds, 0’20 in 10 Yr. Notes and 0’28 in 5 Yr. Notes. I’m still interested in being spread in Eurodollar futures long nearby/short deferred.
Grains: Dec. Corn is currently 2’0 lower at 363’0, Nov. Beans 3’4 higher at 1031’4 and Dec. Wheat 1’0 higher at 557’4. Possible bottoming actiona as Beans rallied about 10’0 off of interday low of 1019’6. I’m going to try the long side on any minor break with a 15 cent risk. Near term resistance is the 1048’0 level. I’m also buying Dec. Corn with a stop at 348’0.
Cattle: Oct. LC are currrently 22 higher at 148.47 and Oct. FC 17 higher at 212.65. I’m currently looking to the short side of Oct. LC in the 149.25-150.00 area with a protective buy stop initially at 152.10. I expect marketings to pick up a bit in the next few weeks before supplies once again tighten.
Silver: Sept. Silver is currently 5 cents higher at 19.44 andDec. Gold 1.00 higher at 1286.20. We remain long Silver and will roll into the Dec. contract today at 7.5 cents premium the Dec.
S&P's: Sept. S&P’s are currently 1.00 lower at 1997.50. We have covered the short Sept. S&P 1900 put and now remain short the futures.
Currencies: The Sept. Euro is currently 8 higher at 1.3182. We remain short with a protective buy stop at 1.3360.
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