Marc Nemenoff
PRICE Futures Group
Financials: June Bonds are currently 16 lower at 155’18, 10 Yr. Notes 4 lower at 127’10 and 5 Yr. Notes fractionally lower at 119’20.5. June Bunds are 40 lower at 154.45. The monthly ADP private sector jobs report showed an increase of 169,000 jobs vs. expectations of 205,000. This disappointing number rallied these financials from recent lows. I feel we may have put in a near term bottom on all these financial instruments. I recomment covering any remaining short German 10 Yr. Bunds and look to reinstate the position in the 157.00 area. Monthly Jobs Report on Friday.
Grains: July Corn is currently 1’4 higher at 364’2, July Beans unchanged at 984’4 and July Wheat 2’4 higher at 469’0. The Grains have rallied nicely off of yesterday’s early session lows as the market is now starting to pay attention to weather and crop conditions as the growing season is starting to progress. We remain long Corn and buyers on dips in Beans and Wheat.
Cattle: Feeder Cattle have now had the 250 point rally I was looking for as an opportunity to go short and I will be a seller on any rallies for both speculation and hedging. I will be a seller in June Live Cattle in the 152.70-153.00 area. We have taken profits on all long biased June Hog positions.
Silver: July Silver is currently 3 cents lower at 16.55 and June Gold 1.00 higher at 1194.00. June Gold has rallied back to the area where we established long positions and as mentioned in Monday’s “Report” I have my reservations with this positions. Either liquidate or raise your stop to the 1183.00 area. We remain long Silver.
S&P's: June S&P’s are currently 6.00 higher at 2090.00. Will the old adage “sell in May and go away” hold forth? We will try the short side with a 20.00 ($1,000.00) initial risk.
Currencies: As of this writing the june Euro is currently 75 higher at 1.1275, the Swiss 57 higher at 1.0871, the Yen 19 higher at 0.8364 and the Pound 56 higher at 1.5226. I am on the sidelines until Friday’s Jobs Report.
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