Financials: June Bonds are currently 13 lower at 164’00, 10 Yr. Notes 4 lower at 128’18 and 5 Yr. Notes 1 lower at 120’00. The prospect of some easing of the tensions and progress with Iran over nuclear armanents has eased some of the safety factor on the interest rate markets. Last Thursday we recommended selling out of 1 or 2 of the 5 Yr. Notes in our long 5-5Yr. Note/short 3-10 yr. Note spread leaving us spread even (3 by 3). Today I’m recommending taken profits on the remaining positions on any further breaks.
Grains: May Corn is currently unchanged at 391’0, May Beans 1’6 higher at 969’0 and May Wheat 4’0 higher at 511’6. We are evening up all positions before tomorrow’s Planting Intentions Report. We are taking profits on the short May Corn 390’0 straddle below 22’4 cents (currently trading at 22’2).
Cattle: Live Cattle, Feeder Cattle and Hogs look lower this morning as a result of a negative Pig Crop Report which showed an increase in Hogs and Pigs on U.S. farms of 7& slightly above expectations. We are currently short Live and Feeder Cattle and long the June Hog 82/86 call spread. I’m going to give these markets a day to see how things play out. We are currently at a loss on these positions.
Silver: May Silver is currently 40 cents lower at 16.67 and June Gold 16.00 lower at 1184.00. We remain long a reduced position in both Gold and Silver having taken partial profits last week.
S&P's: June S&P’s are currently 11.00 higher at 2063.50. Treat as a trading affair between 2040.00 and 2080.00. We have basically been on the sidelines since last Thursday.
Currencies: We are currently on the sidelines.
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Editors’ Picks
EUR/USD stays below 1.0800 after upbeat US data
EUR/USD stays under bearish pressure and trades slightly below 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold clings to strong daily gains above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.