Marc Nemenoff
PRICE Futures Group
Larger than expected amazon losses send nq futures 0.33% lower. Eurofx on new recent lows.
Financials: Sept. Bonds are currently 14 higher at 138’10, 10 Yr. Notes 3.5 higher at 125’05 and 5 Yr. Notes 1.2 higher at 119’02.7. Yesterday’s positive weekly Jobless Claims number (20,000 less than expected) took the Bonds down to the 137’28 level (Thurs. close) only to rally partially back to present levels after the release of a neutral Durable Goods order. The market is now focused on next weeks GDP number. We remain spread long 10 Yr. Notes/short Bonds from the 12’16 premium the Bonds in the hopes that the spread will narrow. Over the last few sessions the range has been 12’27 to 13’17 and is currently trading at 13’04.
Grains: Dec. Corn is currently 2’4 lower at 367’0, Nov. Beans 10’6 lower at 1074’0 and Dec. Wheat fractionally lower at 549’6. Lower than expected export numbers pressured markets yesterday and this morning. We remain long Dec. Corn with a stop at 363’2. I have to admit to lowered upside expectations at this time given the trade action over the last few sessions. I will be keeping an eye on Nov. Beans to see if recent lows of 1055’0 hold.
Cattle: Cattle on Feed Report today. Average estimates are as follows:
On feed 98.2%
Placements 95.6%
Marketings 98.1%
I am on the sidelines until Monday. Volatility is too high for me to make a recommendation at this time.
Silver: Sept. Silver is currently 10 cents higher at 20.51 and Aug. Gold 3.00 higher at 1294.00. We remain long Silver. If you went long Gold in the 1287.00 support area either take profits or use a stop at 1287.00. Next week we will be watching the Oct. contract in Gold.
S&P's: Sept. S&P’s are 4.00 lower at 1976.75. Larger than expected losses be e-tailer Amazon has pressured the equities this morning especially the Nasdaq indices. We continue to hold the combination of short futures and short the Sept. 1900 put.
Currencies: As of this writng the sept. Euro is on fresh multi months lows at 1.3431, 34 lower. We continue to hold short biased positions.
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