Marc Nemenoff
PRICE Futures Group
Financials: June Bonds are currently 16 lower at 165’22, 10 Yr. Notes 5 lower at 130’28, 5 Yr. Notes 2.5 lower at 121’12.7 and June 2017 Eurodollars 2 lower at 99.070. We remain short the June c2017 Eurodollars from the 99.10 level. with the assumption that there wil be more than one rate hike over the next 14 months. For the moment my objective is the 98.93 area.
Grains: May Corn is currently 2’0 lower at 360’2, Beans 4’0 higher at 920’6 and Wheat 5’4 lower at 454’4. I remain on the sidelines but will be a buyer on a 25 cent break in Beans and a 15 cent break in Corn.
Cattle: June LC finished out the week a bit higher at 124.125 and May FCsomewhat lower at 152.775. If you went long on last weeks buy recommendation in June LC in the 121.00 area (see Report 4/5/2016) either take profits or use ca protective sell stop in the 2123.45 area.
Silver: May Silver is currently 20 cents higher at 15.58 and June Gold 6.50 higher at 1250.50. We remain long. Take profits in Gold above the 1270.00 level.
S&P's: June S&P’s are currently 7.25 higher at 2048.00. Weak economic data in Europe and Japan keep my bias negative on this market. A close above 2072.00 will tell me if I’m wrong. We remain short. If the market trades below 2020.00 I will lower my stop to the 2040.00 area.
Currencies: As of this writing the June Euro is 9 lower at 1.1410, the Yen 7 higher at 0.9253, the Pound 106 higher at 1.4229 and the Dollar Index 7 lower at 94.18. I still remain long term bullish the Yen and bearish the Dollar Index. That being said, I feel the Yen is overdone for the moment and recommend taking profits if you are long and waiting patiently for a significant break (0.90.50 area) to reinstate positions.
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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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.