Marc Nemenoff
PRICE Futures Group
Equities higher based on positive Chinese GDP numbers. Currency markets in recovery mode after last week’s surprise move by Swiss.
Financials: Bonds are unchanged at 149’17, 10 Yr. Notes 1.5 lower at 129’26 and the 5 Yr. Note 1.5 lower at 120’24. Last week we took action on our spread position of long June 2015/short June 2017 Eurodollar futures by selling the long June 2015 leg of the spread leaving us short the June 2017 Eurodollars. This week we will buy the Sept. 2015 contract at 99.440, if the market allows, which will leave us spread long Sept. 2015/short June 2017.
Grains: Mar. Corn is currently 3’2 lower at 383’6, Mar. Beans 8’0 lower at 983’6 and Mar. Wheat 1’2 lower at 531’4. I will be a buyer in Corn below the 373’0 level and a buyer in Mar. Beans below 965’0.
Cattle: Last week we recommended buying Feb. LC below the 155.00 level. The market gave ample opportunity making a low of 153.25 and closing out the week at 154.85. If you went long use a protective sell stop at 152.80. If the market trades above 155.35 either take profits or raise your stop to your break even level. Resistance is the 157.00 level.
Silver: Mar. Silver is currently 6 cents higher at 17.81 and Feb. Gold 9.50 higher at 1286.00. I’m looking to treat these markets as a trading affair between 17.20-18.40 in Silver and 1245.00-1300.00 in Gold.
S&P's: Mar. S&P’s are currently 10.00 higher at 2023.00 rallying on positive GDP numbers out of China. I’m taking this opportunity to reinstate a short position with a buy stop initially at 2065.00. If the market trades below 2018.00 I will lower my stop to 2046.00.
Currencies: AS of this writing the Mar. Euro is currently 18 higher at 1.1608, the Swiss 175 lower at 1.1525 ,the Yen 74 lower at 0.8443 and the Pound 30 higher at 1.5191. I am a buyer for short term trades below 1.1575 in the Euro with an initial 125 point risk.
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.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.