Marc Nemenoff
PRICE Futures Group
Financials: June Bonds are currently 18 higher at 154’01, 10 Yr. Notes 7 higher at 127’19 and 5 Yr. Notes 3 higher at 119’30.5. The June 10 Yr. German Bund is 83 higher 154.34. Comments by the ECU suggest that during the next couple of months they will be front loading their quanitative easing in an effort to stem what is typically a more than usual volatile period as many market participants are on the sidelines and volumes are light. What does this mean, they will probably temporarily step up their Bond purchases in an effort to keep rates low. Treaqt Bonds as a t5rading affair between 153’10 and 156’00. I will also be looking to reinstate a short Bund position should they trade above the 155.20 level.
Grains: July Corn is currently 3’4 lower at 364’4, July Beans 3’0 lower at 951’2 and July Wheat 9’6 lower at 512’0. We have been stopped out of a recent long July Bean position. We remain long Corn with a protective sell stop in the 354’0 area. I will be a buyer in July Wheat in the 495’0 area.
Cattle: Live and Feeder Cattle closed lower yesterday. We are now watching August contracts and have rolled short May FC into the August contract as the May contract expires this week. We remain negative on these markets.
Silver: July Silver is currently 30 cents lower at 17.47 and Aug. Gold 10.00 lower at 1219.00. We remain long Silver and have taken partial profits for those accounts with multiple contracts. I will look to reinstate those positions on a break below the 17.20 level. I am on the sidelines in Gold.
S&P's: June S&P’s are currently 4.00 higher at 2130.00. I am looking to once again try the short side of the market.
Currencies: As of this writing the June Euro is currently 120 lower at 1.1188, the Yen 10 lower at 0.8324 and the Pound150 lower at1.5504. If you remain short the Pound, cover the position!
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