Marc Nemenoff
PRICE Futures Group
Financials: June Bonds are currently 12 lower at 132’09 and the 10 Yr. Note 8 lower at 123’04. We remain in the long 10 Yr. /short Bond spread which is currently trading at 9’07 which still puts us at a loss from our initial entry level of the 8’15 area. We continue to hold short biased positions in Dec.2014 and Mar. 2015 Eurodollars. This mornings ADP private sector job survey showed an increase of 191,000 slightly below prereport estimates of 200,000. The early estimate for Friday’s Unemployment Report is for an increase of 205,000 non-farm payroll jobs.
Grains: May Corn is currently 3’0 lower at 504’4, May Beans 6’4 higher at 1491’0 and May Beans 10’0 lower at 675’4. Since the constructive Grain Report early in the week Corn and Beans have had pretty good rallies and now appear to be in overbought territory. I will try the short side for a day or overnight trade on rallies. For position, I’m looking to go long new crop/short old crop in both Corn and Beans.
Cattle: June LC are 50 higher at 136.97 and May FC42 higher at 177.20. These markets have had a pretty good break over the last two sessions, especially Feeder Cattle, as the cost of gain has increased because of the recent rally in feed grains. I am still inclined to trade June LC from the short side on rallies above the 137.00 area. If you remain long the June Hog 116.00 put, take profits above 200 on a sharp break in Hogs, if the market allows.
Silver: May Silver is currently 35 cents higher at 20.04 and June Gold 12.00 higher at 1292.00. We remain long Silver.
S&P's: June S&P’s are currently fractionally higher at 1878.00. WE went short yesterday between the 1867.00-1872.00 area and are currently using a buy stop at 1887.00.
Currencies: AS of this writing the June Euro is currently 8 lower at 1.3782, the Swiss 11 lower at 1.1314, the Yen 10 higher at 0.9656 and the Pound 19 higher vat 1.6638. Yesterday my recommended buy stop in the 1.3810 area against short positions was breached with a high of 1.3818. I still feel this market is headed lower but I am currently on the sidelines. I will be a seller in the Pound above the 1.6750 area.
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.
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