Marc Nemenoff
PRICE Futures Group
Better than expected earnings reports boost equities. Gold trades above 1250.00.
Financials: Dec. Bonds are currently 13 lower at 142’22, 10 Yr. Notes 7 lower at 127’19 and the 5 Yr. Note 4 lower at 120’07. These markets have set back from last weeks lofty numbers as equities have had a near 50% correction to the upside from their recent lows due to some surprisingly good earnings (Apple for instance) in spite of the poor out look of others (IBM). To be honest I do not see anything on the horizon for the week and will stay on the sidelines for the next few sessions.
Grains: Dec. Corn is currently 1’0 lower at 347’2, Nov. Beans 4’0 higher at 948’2 and Dec. Wheat 2’6 higher at 516’2. Corn and Beans continue to trade sideways showing resistace at 360’0 and 960’0 respectively. Wheat looks somewhat favorable but needs to push through the 520-525’0 level to create any new upside momentum. I am on the sidelines.
Cattle: Dec. LC are currently 20 lower at 167.82 and Nov. FC 90 lower at 235.92. FC continue to lose to LC. We continue to hold the combinat of short the LCZ 162 put and short the LCZ 170 call. For those of you concerned about downside risk of this trade I have bought the LCZ 158 put and sold the LCZ 154 put.
Silver: Dec. Silver is currently 25 cents higher at 17.62 and Dec. Gold 10.00 at 1254.50. We remain long Gold and Silver. A close above 1250.00 in GCZ may be an upside breakout.
S&P's: Dec. S&P’s are currently 9.00 higher at 1909.00. We are once again willing to go short this market on rallies now that we have had a 50% correction to the upside from recent contract highs and recent lows.
Currencies: I am still on the sidelines. I will be out of the office on Wednesday Oct. 22nd.
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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