Marc Nemenoff
PRICE Futures Group
Financials: Mar. Bonds are currently 1 lower at 149’16, 10 Year Notes fractionally higher at 129’21.5 and 5 Yr. Notes unchanged at 120’18.2. If you were a seller in Bonds in the 150’15 area either take profits or lower your buy stop to the 150’06 level ahead of the FOMC early this afternoon. We still remain short June 2017 Eurodollars and will buy the Sept. 2015 Eurodollar on a break to the 99.44 level. We are also watching the 5 Yr. Note and will take a short position in the 120’25 area.
Grains: Mar. Corn is currently 1’4 lower at 379’4, Mar. Beans 3’4 lower at 970’2 and Mar. Wheat 3’6 lower at 515’2. I’m a buyer on a 20 cent break in Beans. You also might consider selling the Mar. Corn 380’0 straddle (selling both puts and calls) and collecting approx. 16’0 cents. As long as the market stays between 364’0 and 396’0 you should be able to make a bit of money between now and expiration Feb. 20th.
Cattle: Both Apr. LC and May FC closed sharply higher to near limit yesterday and may have finally put in a near term bottom. Treat Apr. LC as a trading affair between 148.00 and 151.75.
Silver: Mar. Silver is currently 4 cents higher at 18.05 and Feb. Gold 3.50 lower at 1288.00. If you went long Silver below the 17.70 level (the market traded as low as 17.65 Monday evening) take the money. Tomorrow we will start watching Apr. Gold as the Feb. contract nears first notice day.
S&P's: Mar. S&P’s are currently 6.00 higher at 2036.00 rallying sharply on Apple’s earnings. Over the last 2 days the market traded the entire range of Monday’s support and resistance of 2029.00-2053.00 and in fact traded as low as 2013.25 establishing a new level of support. For the moment I am still trading with a negative bias and will be a seller in the mid 2040’s with an ultimate downside target of the 200 day moving average currently at 1963.25.
Currencies: As fo this writing the Mar. Euro is currently 26 lower at 1.1354, the Swiss 56 lower at 1.1106, the Yen 2 lower at 0.8496 and the Pound 3 lower at 1.5191. Continue to treat the Euro as a trading affair between 1.1110 and 1.1420.
Futures and options trading involves substantial risk of loss and may not be suitable for everyone. The valuation of futures and options may fluctuate and as a result, clients may lose more than their original investment. In no event should the content of this website be construed as an express or implied promise, guarantee, or implication by or from The Price Futures Group, Inc. that you will profit or that losses can or will be limited whatsoever. Past performance is not indicative of future results. Information provided on this website is intended solely for informative purpose and is obtained from sources believed to be reliable. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.