Marc Nemenoff
PRICE Futures Group
Financials: June Bonds are currently 2 higher at 158’30, 10 Yr. Notes 6 higher at 126’31 and 5 Yr. Notes 4 higher at 118’27. I am still on the sidelines and will remain so until Friday’s Employment Report. Short term traders should continue to treat the 10 Yr.
Note as a trading affair between 126’16 and 128’16. Given the recent spate of quantitative easing in Europe and Asia (China, India) if pressed for an opinion I would favor the long side of the market at this time.
Grains: May Corn is currently 1’4 lower at 389’4, May Beans 7’6 lower at 1004’4 and May Wheat 5’4 lower at 500’4. We continue to hold the combination of long the Apr. Corn 375’0/405’0 strangle and short the May Corn 390’0 straddle.
Cattle: Yesterday LC, FC and LH all closed sharply lower. We have taken profits on all long biased future and option positions in Live and Feeder Cattle. We were stopped out of any remaining long June Hog futures positions when the market traded below the 81.80 level. We continue to hold the June Hog 82.00/84.00 call spread.
Silver: May Silver is currently 4 cents lower at 16.26 and Apr. Gold 1.00 higher at 1205.50. We continue to hold a small long position in Silver and will add to it in the 16.10 area. I will be a small buyer in Gold in the 1170-1190.00 area.
S&P's: Mar. S&P’s are currently 6.00 lower at 2098.75. Treat as a trading market between 2086.00 and 2115.00.
Currencies: I am on the sidelines. I feel the Dollar is getting overbought but as yet have no technical confirmation.
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GBP/USD stays below 1.2450 after UK employment data
GBP/USD trades marginally lower on the day below 1.2450 in the early European session on Tuesday. The data from the UK showed that the ILO Unemployment Rate in February rose to 4.2% from 4%, weighing on Pound Sterling.
EUR/USD steadies above 1.0600, awaits German ZEW and Powell speech
EUR/USD is holding above 1.0600 in the European morning on Tuesday, having hit fresh five-month lows. The pair draws support from sluggish US Treasury bond yields but the rebound appears capped amid a stronger US Dollar and risk-aversion. Germany's ZEW survey and Powell awaited.
Gold price holds steady below $2,400 mark, bullish potential seems intact
Gold price oscillates in a narrow band on Tuesday and remains close to the all-time peak. The worsening Middle East crisis weighs on investors’ sentiment and benefits the metal. Reduced Fed rate cut bets lift the USD to a fresh YTD top and cap gains for the XAU/USD.
SOL primed for a breakout as it completes a rounding bottom pattern
Solana price has conformed to the broader market crash, following in the steps of Bitcoin price that remains in the red below the $65,000 threshold. For SOL, however, the sensational altcoin could have a big move in store.
Key economic and earnings releases to watch
The market’s focus may be on geopolitical issues at the start of this week, but there is a large amount of economic data and more earnings releases to digest in the coming days.