Marc Nemenoff
PRICE Futures Group
Financials: Mar. Bonds are currently 17 lower at 146’10, 10 Yr. Notes 6.5 lower at 128’07 and 5 Yr. Notes 4 lower at 119’24. The long Sept. 2015 Eurodollar/short June 2015 Eurodollar spread is 3 higher at 135 premium the Sept. 2015. Yesterday Sweden lowered it’s repo rate to a negative 0.1% sending a signal that it wants Banks to lend money at low rates or pay to have their central bank park the money for them. Add this to ECB quantitative easing leaves me concerned that U.S. rate hikes may already be priced into the market. I am going to cover all short biased position on this break this morning and stand aside for the 3 day weekend.
Grains: Mar. Corn is currently 1’0 higher at 384’0, Mar. Beans 2’6 higher at 986’4 and Mar. Wheat unchanged at 521’2. I’m recommending taking profits on the combination of short the Mar. Corn 380’0 straddle and long the Mar. Corn 360’0/400’0 strangle.
Cattle: I am currently on the sidelines and will be looking for an option strategy to start playing the long side of Hogs next week.
Silver: Mar. Silver is currently 12 cents higher at 1991 and Apr. Gold 6.50 higher at 1227.00. We remain long a small positon in Silver.
S&P's: Mar. S&P’s are currently 2.00 higher at 2086.00. Treat as a trading affair between 2050.00 and 2092.00. We took a loss on a recent short position.
Currencies: As of this writing the Mar. Euro is currently 30 lower at 1.1388, the Swiss 25 higher at 1.0776, the Yen 9 lower at 0.8405 and the Pound10 lower at 1.5395. If you are long the Pound, take profits before the 3 day weekend. An imminent deal on Greek debt. And possible truce in Ukraine may have put a bottom on the Euro.
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