Marc Nemenoff
PRICE Futures Group
Financials: June Bonds are 6 lower at 163’01, 10 Yr. Notes 3 lower at 129’10, 5 Yr. Notes 1 lower at 120’12.5 and June 2017 Eurodollars 1 lower at 98.97. Last weeks FMOC meeting indicated that there will probably be just 2 rate hikes this year, 2 less than was originally discussed in Dec. 2015. This is no surprise. If you went long 10 Yr. Notes in the 128’00 area, the recent low being 128’01.5, take profits. I am now looking to sell the June 2017 Eurodollar in the 99.10 area should the market rally.
Grains: May Corn is currently fractionally lower at 366’6, Beans 1’2 lower at 896’2 and Wheat 4’2 higher at 467’2. I remain on the sidelines until the Planting Intention Report.
Cattle: We remain spread long either June or Aug. LC/ short Apr.LC currently 75 points against us and will decide by Wed. whether to hang onto this position. Friday’s Cattle on Feed Report showed the following:
Report was slightly negative with On Feed and Placement numbers just above estimates and marketings just below. Given Friday’s market decline the early call is slightly higher.
Silver: May Silver is currently 5 cents higher at 15.86 and June Gold 7.5 dollars lower at 1248.00. We remain long Silver. If you have been buying breaks in Gold and taking profits in the 1275.00 area, try it again.
S&P's: June S&P’s are currently 1.50 higher at 2039.00. Treat as a trading affair between 2027.00 and 2045.00.
Currencies: As of this writing the June Euro is currently 55 higher at 1.1306, the Yen 9 higher at 0.8990, the Pound 74 lower at 1.4407 and the Dollar Index 2 higher at 95.14. We have taken profits on both long Yen and short Dollar Index positions. I will try the short side of the Euro above 1.1400.
We have taken profits on long Nat. Gas positions.
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