Marc Nemenoff
PRICE Futures Group
Equities higher based on positive Chinese GDP numbers. Currency markets in recovery mode after last week’s surprise move by Swiss.
Financials: Bonds are unchanged at 149’17, 10 Yr. Notes 1.5 lower at 129’26 and the 5 Yr. Note 1.5 lower at 120’24. Last week we took action on our spread position of long June 2015/short June 2017 Eurodollar futures by selling the long June 2015 leg of the spread leaving us short the June 2017 Eurodollars. This week we will buy the Sept. 2015 contract at 99.440, if the market allows, which will leave us spread long Sept. 2015/short June 2017.
Grains: Mar. Corn is currently 3’2 lower at 383’6, Mar. Beans 8’0 lower at 983’6 and Mar. Wheat 1’2 lower at 531’4. I will be a buyer in Corn below the 373’0 level and a buyer in Mar. Beans below 965’0.
Cattle: Last week we recommended buying Feb. LC below the 155.00 level. The market gave ample opportunity making a low of 153.25 and closing out the week at 154.85. If you went long use a protective sell stop at 152.80. If the market trades above 155.35 either take profits or raise your stop to your break even level. Resistance is the 157.00 level.
Silver: Mar. Silver is currently 6 cents higher at 17.81 and Feb. Gold 9.50 higher at 1286.00. I’m looking to treat these markets as a trading affair between 17.20-18.40 in Silver and 1245.00-1300.00 in Gold.
S&P's: Mar. S&P’s are currently 10.00 higher at 2023.00 rallying on positive GDP numbers out of China. I’m taking this opportunity to reinstate a short position with a buy stop initially at 2065.00. If the market trades below 2018.00 I will lower my stop to 2046.00.
Currencies: AS of this writing the Mar. Euro is currently 18 higher at 1.1608, the Swiss 175 lower at 1.1525 ,the Yen 74 lower at 0.8443 and the Pound 30 higher at 1.5191. I am a buyer for short term trades below 1.1575 in the Euro with an initial 125 point risk.
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 regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
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.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.