Financials: As of this writing Bonds are up 0’03 at 179’01, 10 Yr. Notes up 0’01 at 139’04 and the 5 Yr. unchanged at 125’23. All these markets up for the week. CasH market yields are as follows: 2 yr. 0.16, 5 yr. 0.29, 10 yr. 0.65 and the 30 yr. 1.39%, all slightly lower for the week. Weekly initial jobless claims 1,314,000 somewhat below expectations. Continuing claims 18,062,000 below expectations of 18,800,000. The trend remains up. With near zero inflation and the probability of more stimulus I still feel rates are headed lower and possibly negative on the short end of the yield curve.
Grains: Dec. Corn is 5’2 higher at 359’4 up 5’2, Sept. Beans up 6’6 at 897’4 and Sept. Wheat up 3’0. Corn is once again up against recent highs made after the acreage report. Ian somewhat friendly to these markets. Add in hot weather in the near term forecast may point to higher markets if exports pick up. I am a buyer in Dec. Corn on breaks.
Cattle: Live and Feeder Cattle held firm with an apparent up tick in demand I still expect FC to lose ground to lose ground to the LC due to increased feed prices. I remain negative FC.
Silver: Sept. Silver is up 11 cents at 19.27. This market is now above the 18.50-19.05 resistance levels. I must admit that I have missed this leg up up as I sat back licking my wounds after the breakaway few months ago below 12.00. I am on the sidelines.
S&P’s: Sept. S&P’s are currently 5.00 higher at 3167.00. This market continues to make water flow up hill, despite the pandemic, the labor situation and the drop in GNP. the market has been following the tech heavy NASDQ 100 and has basically rallied because of the stellar performance of a handful of stocks which have benefited from workers who been furloughed and/or have self quarantined. Treat as a trading affair.
Currencies: As of this wring the Sept. Euro is 1.13645 up 0.015, the Yen down 0.00065 , the Pound up 0.0032 at 1.2659 and the Dollar Index O.002 at 96.37. I still like being long the Euro and the Pound and short the Dollar Index.
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.
Recommended Content
Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
Google starts indexing Bitcoin addresses
Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.
A Hollywood ending for fourth quarter GDP
The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.