Marc Nemenoff
PRICE Futures Group
Financials: Sept. Bonds are currently 10 lower at 145’05, 10 Yr. Notes 6 lower at 120’02 and 5 Yr. Notes 4 lower at 113’13.7. All things considered a rather lackluster week in treasuries, with the market near the weekly lows after trading in a tight range. Given the friendly Jobs Report which should have had a negative effect on Bond prices, the market held week ago levels as the market reaction to the Jobs number was countered by a flight to safety caused by the possibility of a “trade war” as potential tariffs were announced for a variety of Chinese products. I remain long out of the money puts in the 10 Yr. Notes and will be a seller of futures if the Bonds rally to the 146’24 level.
Grains: Sept. Corn is currently 2’4 higher at 342’$, Sept. Beans 2’4 higher at 840’4 and Wheat 2’6 higher at 474’4, all lower for the week. Near perfect growing conditions, an increase year over year in planted acreage and the fear of imposed tariff’s on grains by China and Europe has been a perfect storm for lower prices. All that being said we are long Corn a few pennies above current prices. Crop Production Report at 11:00am Central time today.
Cattle: Live and Feeder Cattle broke sharply over the last couple of sessions probably more in sympathy with an across the board break in most commodity markets in response to announced additional tariffs rather than a dramatic change in fundamentals. That being said we should start to see an increase in marketing’s. If you remain short Aug. LC from above the 106.75 level either take profits or use a protective buy stop at 105.40. If the market trades below 102.65 lower you stop to the 104.50 level. This market has the possibility of trading below 100.00.
Silver: Sept. Silver is currently 10 cents higher at 15.91. We tried adding to our core long position during the last week only to get stopped out of those extra contracts when the market traded below 15.80 over night.
S&P's: Sept. S&P’s are currently 14.00 higher at 2788.00. This market has regained most of yesterday’s losses. Treat as a trading affair between 2755.00 and 2796.00.
Currencies: I remain on the sidelines.
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
USD/JPY holds near 155.50 after Tokyo CPI inflation eases more than expected
USD/JPY is trading tightly just below the 156.00 handle, hugging multi-year highs as the Yen continues to deflate. The pair is trading into 30-plus year highs, and bullish momentum is targeting all-time record bids beyond 160.00, a price level the pair hasn’t reached since 1990.
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US FBI has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.