Marc Nemenoff
PRICE Futures Group
Financials: Dec. Bonds are currently 10 lower at 144’15, 10 Yr. Notes 5 lower at 120’09 and 5 Yr. Notes 3 lower at 113’20. Treasuries benefitted from the rush into Dollars as emerging markets, particularly Turkey, showed signs of economic weakening. In the case of Turkey, the Lira made new all time lows against the Dollar as tariffs on steel were doubled. I will once again be a seller should the Bonds rally to the 145’16 area. Our 10 Yr. Note 117’00 put option is now worthless being offered at cabinet ($1.00).
Grains: Dec. Corn is currently 3’6 higher at 379’6, Nov. Beans 15’2 higher at 884’2 and Dec. Wheat 7’2 higher at 539’4. Last weeks’ Grain Report was negative for Beans breaking them 40 cents. Overnight Grains rallied as the Dollar weakened against most currencies including the Turkish Lira which has gained back approx. 3.0%. I am still interested in going short Dec. Corn in the 388’0 area.
Cattle: Over the last 2 weeks (I was out of the office last Thursday) Aug. LC continued to offer trading opportunities from short side on rallies above 109.00 and breaking below 108.00 several times. We are now looking to the Oct. contract as the Aug. contract nears expiration. I remain a supply Bear on this market. I will be a seller in Oct. LC above 109.75 with an initial risk of 275 points (the 112.50 level)
Silver: Sept. Silver is currently 17 cents higher after an active overnight trade which saw a new recent low of 14.315. We were stopped out of longs at 14.96. I am reinstating a small long position with a risk point of 14.295 stop.
S&P's: Sept. S&P’s are currently 14.00 higher at 2835.25 rallying as the Dollar retreats from recent highs. I’m still on the sidelines as far as a long term position is concerned. Treat as a trading affair between 2805.00 and 2845.00.
Currencies: As of this writing the Sept. Euro is 21 higher at 1.13935, the Yen 21 lower at 0.90415, the Pound 3 higher at 1.2712 and the Dollar Index 9 lower at 96.487. Dollar is beginning to look a bit toppy as evidenced by the small rise in the Turkish Lira. I am particularly looking at the Euro as it nears the 200 weekly average at 1.1360. I will be a buyer in the 1.1270 area for a short term trade with an initial risk of 75 points.
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