Marc Nemenoff
PRICE Futures Group
Financials: June Bonds are 14 higher at 163’29, 10 Yr. Notes 4.5 higher at 129’04 and 5 Yr. Notes 1.7 higher at 120’10. The lack of significant inflation may push %interest rates slightly lower for the moment. We are taking profits on the long 5 Yr./short 10 Yr. Spread. At the moment I am looking at the long Sept.2015 Eurodollar/short June 2017 Eurodollar spread at 118 points premium the EDU15 (currently at 121).
Grains: May Corn is currently unchanged at 370’4, May Beans 5’0 higher at 953’6 and May Wheat 4’0 lower at 498’2. Rain in Plains states have pressured these markets particularly Wheat. I am looking for a buying opportunity in Corn below 368’0.
Cattle: Yesterday we used the early break in Live Cattle to cover all short biased positions. We remain long June Hog calls/call spreads.
Silver: May Silver is currently 22 cents lower at 16.07 and June Gold 13.00 lower at 1186.50. Yesterday we were stopped out of recent longs in June Gold at the 1197.00 area. We will once again try the long side between 1183.00 and 1187.00 with a protective sell stop at 1168.00.
S&P's: June S&P’s are currently fractionally lower at 2086.00. We are currently short with a protective buy stop at 2108.00 and a near term profit objective of the 2073.00 area.
Currencies: As of this writing the June Euro is currently 3 higher at 1.0581, the Swiss 10 lower at 1.0242, the Yen 9 higher at 0.8344 and the Pound30 lower at 1.4640. The June Dollar Index is 6 higher at 99.830. I’m a buyer in the Euro and seller in the $ Index for short term trades.
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