Marc Nemenoff
PRICE Futures Group
Financials: June Bonds are currently unchanged at 163’15, 10 Yr. Notes 1 higher at 129’17.5 and 5 Yr. Notes unchanged at 120’13.5. June 2017 Eurodollars are 0.5 lower at 99.015. Earlier in the week we took the opportunity to cover short June 2017 ED positions just below the 99.00 level (the low was 98.975) putting us on the sidelines I will be a buyer in the 10 Yr. in the 128’00 area and/or a seller in the June 2017 Eurodollars in the 99.15 area. Estimates for the Employment Report are for an increase in non-farm payrolls of 200K.
Grains: May Corn is currently 1’2 higher at 357’6, Beans 8’4 higher at 872’2 and Wheat 2’6 higher at 462’4. I am on the sidelines.
Cattle: Last week we initiated the long Aug. /short Apr. LC spread above the 15.00 level with the idea that prices were headed lower and that index funds would be liquidating long Apr. contracts and buying deferred contracts. The spread is currently trading in the 14.30 area. If you are holding multiple contracts, take some profits.
Silver: May Silver is currently 25 cents higher at 15.40 and Apr. Gold 7.50 higher at 1266.00. We remain long. If you are holding multiple contracts, take partial profits on rallies from current levels. Resistance is currently 15.80 in Silver and 1275.00 in Gold.
S&P's: Mar. S&P’s are currently 4.25 higher at 1994.75. Needless to say we have been beat up trading the short side of this market. Support is currently 1963.00 and resistance the 200 day moving average of 1995.50. Treat as a trading affair.
Currencies: As of this writing the June Euro is currently 14 higher at 1.10055, the Yen 12 higher at 0.8819, the Pound 15 higher at 1.4163 and the June Dollar Index about unchanged at 97.600. The Pound appears to be finding some support as rhetoric concerning GB’s leaving the EU seems to be abating. I am on the sidelines looking to.
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 hovers around 1.0700 ahead of German IFO survey
EUR/USD is consolidating recovery gains at around 1.0700 in the European morning on Wednesday. The pair stays afloat amid strong Eurozone business activity data against cooling US manufacturing and services sectors. Germany's IFO survey is next in focus.
GBP/USD rises to near 1.2450 despite the bearish sentiment
GBP/USD has been on the rise for the second consecutive day, trading around 1.2450 in Asian trading on Wednesday. However, the pair is still below the pullback resistance at 1.2518, which coincides with the lower boundary of the descending triangle at 1.2510.
Gold: Defending $2,318 support is critical for XAU/USD
Gold price is nursing losses while holding above $2,300 early Wednesday, stalling its two-day decline, as traders look forward to the mid-tier US economic data for fresh cues on the US Federal Reserve interest rates outlook.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce its reliance on the US dollar after plans for its stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium
While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.