Marc Nemenoff
PRICE Futures Group
Financials: Dec. Bonds are currently 11 lower at 141’21, 10 Yr. Notes 5 lower at 126’17 and 5 Yr. Notes2.7 lower at 119’18. On last Friday China lowered key interest rates by up to 40 basis points as Mario Draghi reiterated previous statements that the ECB will do whatever it takes to fight deflation. The obvious effect: A rally in Bonds above the 142’00 level. I am still looking at this market with a bit of skepticism and will continue to treat as a trading affair between 140’08 and 142’28.
Grains: Dec. Corn is currently 2’6 lower at 370’0, Jan Beans 11’0 lower at 1028’0 and Dec. Wheat fractionally lower at 546’4. I still remain negative Corn and Beans and will be a seller on a 12-15 cent rally in March Corn and 30’0+ rally in Jan. Beans. On our next report we will be looking at March contracts in Corn and Wheat.
Cattle: Friday’s Cattle on Feed Report showed the following: All things considered I am looking at the Report as initially negative because of the higher than expected placement number. I will be looking at out of the money puts for Feb. and Apr. LC and May FC.
Silver: Mar. Silver is currently slightly higher at 16.47 and Feb. Gold unchanged at 1198.00. I am on the sidelines.
S&P's: De. S&P’s are currently 6.00 higher at 2067.75. This market continues to rally as interest rates drop globally as Europe and Asisa fight deflation and hope that QE will stimulate. I am skeptical and remain on the sidelines position wise. Treat as a trading market between 2047.00 and 2072.00.
Currencies: I remain on the sidelines.
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