The Nemenoff report

Marc Nemenoff PRICE Futures Group

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.

Author

Marc Nemenoff

PRICE Futures Group

Mr. Nemenoff is a 37-year veteran of the futures industry.

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