Marc Nemenoff
PRICE Futures Group
Financials: June Bonds are currently 7 higher at 163’23, 10 Yr. Notes 2.5 higher at 129’13 and 5 Yr. Notes 0.5 higher at 120’11.7. Without trying to overstate the obvious treasuries have rallied in a “flight to safe haven” over the last few days in lieu of events in Belgium. If you remain long any treasuries take profits beforte the GTood Friday/Easter weekend as markets will be closed. I am still interested in going short the June 2017 should they rally from current level of 98.94 to the 99.10 area. I feel that this area will fully reflect the Fed cutting back on rate hikes over the next year and also take into consideration Europe/Asia current policy of negative rates.
Grains: May Corn is currently 0’4 lower at 368’0, Beans 3’2 lower at 902’2 and Wheat 1’4 lower at 461’4. Now that Beans are over 900’0 these markets have my attention and technically are beginning to look Bullish. Conventional wisdom at the moment is looking for an increase in Corn acreage and a decline in Beans. I will be a buyer in Beans on a 20 cent set back with an initial 30 cent risk.
Cattle: Live and Feeder Cattle contine their slide with the long Aug./short Apr. LC spread narrowing over 100 pts. this week to 15.45. If you are holding multiple contracts it is time to lessen your position on further setbacks in the spread. My near term objective on the spread is the 14.40-14.60 area.
Silver: May Silver is currently 1 cent higher at 15.28, we remain long. June Gold is currently 5.00 dollars lower at 1220.00. We will use any further breaks to re-instate. long biased positions.
S&P's: June S&P’s are 11.00 lower at 2017.75. We have seen both support of 2027.00 and resistance of 2045.00 (see Report 3/21/2006) traded this week. This morning support has been broken and the market once again looks poised for a setback. That being said, given the Holiday weekend I cannot recommend new positions.
Currencies: As of this writing the June Euro is currently 25 lower at 1.1183, the Yen 23 lower at 0.8894, the Pound 22 higher at 1.4140 and the Dollar Index 16 higher at 96.220. I am a seller in the Dollar Index above 97.080, a seller in the Euro at 1.1400 and a buyer in the Yen in the 0.8750 are.
I will be a buyer in May Nat. Gas below the 1.850 area.
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