Marc Nemenoff
PRICE Futures Group
Financials: Mar. Bonds are currently unchanged at 143’24, 10 Yr. Notes 3.5 higher at 126’19 and the 5 Yr. Note 3 higher at 118’27.5. All I can do is plant an idea on these markets. I feel that the yield curve is about to steepen and am going to be focusing on the long 10 Yr./ short Bond spread and/or the long 5 Yr./short 10 Yr. spread.
Grains: Mar. Corn is currently 5’0 lower at 406’0, Jan. Beans 6’6 lower at 1028’2 and Mar. Wheat 17’2 lower at 638’0. If you went short Wheat yesterday either take profits or use a protective buy stop at 653’4.
Cattle: Live and Feeder Cattle closed sharply higher after trading lower early in the session. We have covered all short biased positions and remain on the sidelines.
Silver: Mar. Silver is currently 2 cents higher at 15.96 and Feb. Gold 5.00 higher at 1200.00. I’m a buyer in Silver below 15.70 and Gold below 1180.00.
S&P's: Mar. S&P’s are currently fractionally lower at 2059.00, giving up the overnight gains and a new contract high of 2073.75. Yesterday we went short in the 2035-2040.00 area and intend to hold this trade for the near future with an initial buy stop of 2085.00.
Currencies: I am currently on the sidelines favoring the long side of the euro on breaks for short term trades.
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