Marc Nemenoff
PRICE Futures Group
Financials: Dec. Bonds are currently 19 lower at 157’26, 10 Yr. Notes 6.5 lower at 128’24.5 and 5 Yr. Notes 3.2 lower at 120’19.5. The market awaits next weeks FOMC meeting and is once again acting as if a rate hike is possible this year. We remain spread long June 2016/short June 2017 Eurodllars with an objective of 80 points premium the June 2016 contract (currently trading at 56). If you took the aggressive route of selling out a portion of the June 2016 leg of the spread if you were holding multiple contracts, I recommend reinstating these positions on a setback below the 99.38 level if the market allows. I also want to be spread long 5 Yr. Notes/short 10 Yr. Notes and will initiate this position sometme over the next few sessions ahead of the FOMC meeting next week.
Grains: Dec. Corn is currently 1’0 higher at 374’0, Nov. Beans 3’4 higher at 394’4 and Dec. Wheat 3’0 higher at 488’6. As the harvest progresses it appears that crops may be larger than anticipated. That being said I will try the long side of Corn in the 365’0 area.
Cattle: Yesterday Dec. LC closed 227 higher at 141.70 and Nov. FC 217 higher at 192.32. Last week we covered short Dec. LC positions in the 136.50 area and now look to try the short side of this market once again above the 142.25 area. We continue to hold the short Dec. LC 135/145 strangle which closed at 332 yesterday. If this strangle trades below 295 today or Wednesday I will take profits.
Silver: Dec. Silver is currently 4 cents higher at 15.88 and Dec. Gold fractionally higher at 1173.50. We remain long and continue to recommend taking partial profits if you are holding multiple contracts in Silver at 16.20 and Gold at 1190.00.
S&P's: S&P’s are 4.00 lower at 2023.50. Treat as a trading affair between 2003.00 and 2026.00.
Currencies: As of this writing the Dec. Euro is 46 higher at 1.1382, the Yen 16 lower at 0.8360 and the Pound 6 higher at 1.5469. If you remain short the Euro from the 1.1450 level take profits. If you remain long Yen either take profits or raise your sell stop to the 08317 level.
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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