Marc Nemenoff
PRICE Futures Group
Financials: As of this writing (5:00am) Sept. bonds are 0’15 higher at 181’27, 10 Yr Notes 0’4 higher at 139’28.0 and 5 Yr. Notes 0’1 higher at 125’31.5. Yields are slightly lower at .12 for the 2 yr., 0.24 for the 5 yr. 0.56 for the 10 yr. and slightly higher on the 30 yr. at 1.26. Yesterday the FOMC left rates unchanged and warned of long term rates of near 0 for some time to come and cautioned of negative economic impact to the Covid virus. I still believe in the upside to these markets and the possibility of negative rates. Keep in mind we are near all time lows I yield of the 10 yr.note of 0.547. GNP and initial job claims this morning.
Grains: Dec. Corn is currently 0’4 lower at 326’0, Sept. Beans up 1’2 at 882’4 and Sept. Wheat don’t down 6’6 at 526’4. All down 10+ cents for the week. Near perfect growing weather and weak exports added pressure to these markets. Last weak I tried the long side of Corn on a break and will use a stop in the 320’0 area basis Dec.
Cattle: Live and Feeder Cattle have worked higher over the last week due to a constructive Cattle on Feed Report and and increased demand as evidenced by high select cuts of beer and lower choice prices. lower feed prices added pressure to the upside of feeders. All that being said I remain negative Feeders as long as Dec. Corn stays above 320’0.
Silver: Sept. Silver is 88 cents lower at 23.44 and up 1.00 for the week. Do ring the last week we saw a high of 26.27 and a low below 23.00. The high of 26,27 reeks of short covering. I will be a buyer below 20.00.
S&P’s: Sept. S&P’s are currently 30.00 lower at 3217.00 after closing 40.00 higher yesterday. Fears of a negative GDP number is pressuring the market this’s morning. I am a seller on sharp rallies.
Currencies: The Sept Euro is 9 lower at 1.17285, the Yen 4.5 lower at 0.95200, the Pound 377 higher at 1.3064 and the Dollar 5 higher at 93.485. We remain long the Euro long the Pound and short the Dollar Index. These positions are beyond my expectations. Use close stops to protect profits.
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