Marc Nemenoff
PRICE Futures Group
Financials: Dec. bonds are currently 22 higher at 155’05, 10 Yr. Notes 9 higher at 127’21 and 5 Yr. Notes 4 higher at 119’26.5. Estimates for this mornings Jobs Report show an average increase in non-farm payrolls of 210-220, 000. We are holding a reduced (amount of contracts) of the long 5 Yr. /short 10 Yr. spread with a ratio of 1:1. A strong number, above 220K, could give the Fed the impetus to raise rates sooner than December.
Grains: Dec. Corn is currently fractionally higher at 362’2, Nov. Beans 5’0 higher at 874’4 and Dec. Wheat 2’6 higher at 468’0. We are currently holding small long positions in the Grains with protective sell stops 6’0 below the market in Corn and 17’0 below the market Beans. Wheat is within 5’0 of my recommended stop.
Cattle: Both Live and Feeder Cattle have had strong rallies over the last couple of sessions. I am still recommending the long side on breaks. That being said, take profits 2.00 higher from current levels.
Silver: Dec. Silver is currently 2 cents lower at 14.69 and Dec. Gold 1.00 lower at 1123.00. We remain long Silver, but, I must note that rallies have failed in the 14.85-14.95 area and the market has been supporting in the 14.40 area. Gold is in support. A close below 1117.00 may signal a return to the 1090.00 area.
S&P's: Sept. S&P’s are currently 19.00 lower at 1927.00. We are still sellers above the 1950.00 level and buyers below 1890.00. If you went short above 1950.00 either take profits or use a close stop.
Currencies: I am presently on the sidelines. That being said I will be buyer in the Pound on breaks for short term trades.
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