Marc Nemenoff
PRICE Futures Group
Financials: Mar. Bonds are currently 15 higher at 156’02, 10 Yr. Notes 6 higher at 127’01 and 5 Yr. Notes 5 higher at 119’02.7 as the market continues to rally in a flight to quality. Over the last couple of sessions the long 5 Yr. Note/short 10 Yr. Note has worked 8-10 points against us. I am willing to sit with position for a few more days in the expectation that markets will start to stabilize and expect a constructive Jobs Report tomorrow. Yesterday the ADP private sector jobs report showed an increase of 257K against expectations of 195K. I am once again interested in the 30 Yr. Bonds as they approach resistance in the 157’00 area where/when I will be looking to the short side of the market.
Grains: Mar. Corn is currently 2’2 lower at 351’0, Mar. Beans 4’4 loer at 860’2, Mar. Chi. Wheat 2’0 lower at 460’4 and Mar. KC Wheat 1’2 lower at 459’6. As the long KC/short Chi. Wheat is now near even money I am encouraged to hold onto the position for the moment.
Cattle: Live and Feeder Cattle look slightly lower at this early hour (6:45am) but I suspect they could more than just slightly lower. I am on the sidelines looking for a selling opportunity should the LCG trade above the 138.10 level.
Silver: Mar. Silver is currently 10 cents higher at 14.08 and Feb. Gold 11.50 higher at 1103.50. I remain long. Take profits in Gold above 1120.00.
S&P's: Mar. S&P’s are currently 44.00 lower at 1943.00 as investors sell on concern of a slowing Global ( particurally China) economy. If you remain short either take profits or use a close stop ahead of tomorrow’s employment report.
Currencies: As of this writing the Mar. Euro is currently 75 higher at 1.0880, the Yen 55 higher at 0.8514, the Pound 52 lower at 1.4576 and the Dollar Index 47.1 lower 98.790. If you remain long Yen either take profits or raise your sell stop. If you are long the Mar. Yen 85.00 call I suggest “rolling” up 1 or 2 strike prices to take some cas off the table. We remain short the Dollar Index.
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 clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.