Marc Nemenoff
PRICE Futures Group
Financials: Sept. Bonds are currently 1 higher at 137’06, 10 Yr. Notes 3 higher at 125’05.5 and 5 Yr. Notes 2 higher at 119’13.5. As expected with some disappointing economic data (GDP, Cosumer Spending, Durable Goods, etc.) Bonds have rallied and are now approaching some significant resistance in the 137’16 area. We are still trying to do the long June 2015/short June 2017 Eurodollat futures spread below the 185 premium the June 2015 level (currently at 188). An alternative this might be going short either the 2 or 5 Yr. note on a rally from present levels. You might also consider the long 5 Yr./short 10 Yr. Note spread.
Grains: Dec. Corn is currently 2’4 lower at 441’2. I am still willing to go long below the 435’0 level. Nov. Beans are 5’2 lower at 1239’0. On Monday I mentioned the possibility of an upside breakout if the Nov. Beans settled above the 1237’0 level. Beans may have now broken out to the upside. Dec. Wheat is currently fractionally higher at 603’2 and nearing support in the low to mid 580’s, level where we will be willing to try the long side of the market. We will also be willing to do the long Dec. Wheat/short Dec. Corn spread in the 155’0 premium the Wheat area (this spread is currently trading at 161’0-162’0).
Cattle: Live and Feeder Cattle continue to rise to record levels once again closing sharply higher at record prices. This morning Aug. LC are 40 lower at 152.35 and Aug. FC 40 lower at 214.425. My only thoughts are that when in the face of a market rising vertically what looks cheap. Right now the Aug. LC 142.00 puts for less than $100.00 looks cheap with a month till expiration. I am going to forward you an article I wrote years ago on market bubbles. I welcome comments.
Silver: Sept. Silver is currently 3 cents lower at 21.13 and Aug. Gold 1.00 higher at 1318.00. We remain long Silver.
S&P's: Sept. S&P’s are currently 5.00 lower at 1943.75. Market continus in a range from the 1939.00 area to the 1950.00 area. A close below 1936.00 will be a minor sell signal.
Currencies: As of this writing the sept. Euro is currently 15 higher at 1.3626, the Swiss 19 higher at 1.1214, the Yen 28 higher at 0.9869 and the Pound 2 higher at 1.7016. We remain long near the money puts in the Euro.
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