Marc Nemenoff
PRICE Futures Group
Financials: As of this writing (6:15am) June Bonds are currently 6 higher overnight at 158’10 up1’12 for the week. 10 Year Notes are up 4 this morning at 132’21. up 25 for the week and the 5 Yr. Note up 2 at 124’08 up 14 for the week. Yields are lower for the week with 2 year at 0.15% 2 basis points lower, the 5 year down 2 at 0.79%, the 10 year down 7 at 1.58% and the 30year down 8 at 2.24%. Last week I suggested either covering short Bond positions or using a protective buy stop at 157’27, the market is currently above my stop putting me temporarily on the sidelines. I will reinstate a short position if the market rallies to the 159’00-160’00 area.
Grains: July Corn is currently up 5’4 at 714’0 up 48’0 for the week. July Beans up 19’0 overnight at 1561’4 up 48’0 and Nov. Beans 12’0 higher overnight and 42’0 higher for the week. Next week we will looking at Dec. Corn currently trading at 612’2. Dry weather in S. America still dominates the market as predicted crop size continues to drop for Brazil and Argentina. Continue to trade Nov. Beans from the long side on breaks.
Cattle: June Live Cattle closed 140 lower at 114.42 down 130 for the week. Aug. Feeder Cattle were 205 higher for the day and down 360 for the week at 145.22. We remain long LC.
Silver: July Silver is currently 29 cents higher at 26.82 up 49 cents for them. Last week we came in short. The dollar weakness once again a factor. Although I have been negative the the dollar (which should have an inversely positive effect on Silver) my downside objective is near and I will use sharp breaks in Silver to cover short positions and go long.
S&P’s: June S&P’s are currently unchanged at 4160.00 down 43.00. Estimates for tomorrow’s Jobs Report range from 1-1.5 million new jobs. It will probably take a surprise number of +1.8 million to substantially rally this market from current levels. I remain on the sidelines.
Currencies: As of this writing the June Euro is 44 higher at 1.2054 down 86 for the week, the Yen 10 higher for the week at 0.9166 down 12 for the week. The Pound is trading at 1.3925 up 15 overnight and 10 lower for the week. The June Dollar Index down 29 at 91.00 up 33 for the week. I continue to have a long bias in the. Yen and Pound. I remain negative the Dollar Index. If short the D.I. Either take profits or use a stop.
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