Marc Nemenoff
PRICE Futures Group
Financials: June Bonds are currently unchanged at 163’15, 10 Yr. Notes 1 higher at 129’17.5 and 5 Yr. Notes unchanged at 120’13.5. June 2017 Eurodollars are 0.5 lower at 99.015. Earlier in the week we took the opportunity to cover short June 2017 ED positions just below the 99.00 level (the low was 98.975) putting us on the sidelines I will be a buyer in the 10 Yr. in the 128’00 area and/or a seller in the June 2017 Eurodollars in the 99.15 area. Estimates for the Employment Report are for an increase in non-farm payrolls of 200K.
Grains: May Corn is currently 1’2 higher at 357’6, Beans 8’4 higher at 872’2 and Wheat 2’6 higher at 462’4. I am on the sidelines.
Cattle: Last week we initiated the long Aug. /short Apr. LC spread above the 15.00 level with the idea that prices were headed lower and that index funds would be liquidating long Apr. contracts and buying deferred contracts. The spread is currently trading in the 14.30 area. If you are holding multiple contracts, take some profits.
Silver: May Silver is currently 25 cents higher at 15.40 and Apr. Gold 7.50 higher at 1266.00. We remain long. If you are holding multiple contracts, take partial profits on rallies from current levels. Resistance is currently 15.80 in Silver and 1275.00 in Gold.
S&P's: Mar. S&P’s are currently 4.25 higher at 1994.75. Needless to say we have been beat up trading the short side of this market. Support is currently 1963.00 and resistance the 200 day moving average of 1995.50. Treat as a trading affair.
Currencies: As of this writing the June Euro is currently 14 higher at 1.10055, the Yen 12 higher at 0.8819, the Pound 15 higher at 1.4163 and the June Dollar Index about unchanged at 97.600. The Pound appears to be finding some support as rhetoric concerning GB’s leaving the EU seems to be abating. I am on the sidelines looking to.
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