Marc Nemenoff
PRICE Futures Group
Financials: Mar. Bonds are currently 10 lower at 162’23, 10 Yr. Notes 5 lower 129’30 and 5 Yr. Notes 2’5 lower at 120’26.7. Treasuries rallied to new contract highs amidst a break in oil, a global sell off in equities and the spreading of negative rates in Japan, Germany, Swiss etc. Yesterday we went short the 10 Yr. Note, currently at a loss and will use a protective buy stop at 130’08 for protection. If the market rades below the 129’24.5 level I will lower my stop to 130’03. We have been sitting with a losing position in the long June 2016/short June 2017 Eurodollars, today I am selling to the long June 2016 leg of the spread leaving me net short the June 2017 Eurodollars. Unemployment Report this Friday.
Grains: Mar. Corn is currently fractionally lower at 371’6, Mar. Beans 2’4 lower at 883’6, Mar. Chi. Wheat 0’4 lower at 474’6 and Mar. KC Wheat 0’4 higher at 465’6. We continue to hold the KC/Chi Wheat spread. I will be a buyer in Mar. Corn in the 358’0 area or with a buy stop at 375’0.
Cattle: Yesterday LC closed slightly higher and FC mixed. I remain long Aug./short Apr. LC with an objective of 13.37. The cspread closed at 13.75.
Silver: Mar. Silver is currently 16 cents higher at 14.45 and Apr. Gold 4.30 higher at 1131.50. We remain long.
S&P's: Mar. S&P’s are currently 1.00 higher at 1898.50. We remain short and will look for profit taking opportunities before the Unemployment Report.
Currencies: As of this writing the Mar. Euro is currently 44 higher at 1.0705, the Yen 53 higher at 0.83865, the Pound 114 higher at 1.4528 and the Dollar Index 53 lower at 98.355. We remain short the Dollar Index of which support is currently at 98.16. either take profits or use a buy stop just above the 99.12 level. If the market trades below 98.100 lower your stop to 98.66. We continue to hold long biased positions in the Yen (futures, options or combinations of both). If you are long Yen futures either raise your sell stop to 0.82760, sell near the money calls or take profits.
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.
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EUR/USD now refocuses on the 200-day SMA
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Bitcoin price makes run for previous cycle highs as Morgan Stanley pushes BTC ETF exposure
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US versus the Eurozone: Inflation divergence causes monetary desynchronization
Historically there is a very close correlation between changes in US Treasury yields and German Bund yields. This is relevant at the current juncture, considering that the recent hawkish twist in the tone of the Federal Reserve might continue to push US long-term interest rates higher and put upward pressure on bond yields in the Eurozone.