Nemenoff Report

Financials:  As of this writing (6:30am) Sept. Bonds are 20 higher at 182’23, 10 Yr? Notes 6 higher at 140’08 and the 5 yr. Note 2 higher At 126’05. Yields  are once again slightly leer with the 2 yr. yielding 0.11, the 5 yr. 0.20, the 10 yr. 0.502 and the 30 yr. 1.18. Yesterday the ADP private non farm payrolls increased a disappointing 167,000. The trad was expecting a million. This morning we have weekly jobless claims and tomorrow monthly employment. I remain bullish treasuries (lower yields) but recommend taking profits before tomorrow’s jobs report.

Grains:  Dec. corn is currently 0’6 lower at 322’4, September beans down 2’6 at 875’0 and September wheat 5’2 lower at 573’4. I remain friendly to Dec. Corn with a risk of just below 320’0

Cattle:  Yesterday Oct.. Live Cattle closed about unchanged. At 107.40 and September FeederCattle slightly lower at146.475. Demand for choice cuts have been good while cheaper cuts lag. I remain short September feeders.

Silver:  September Silver is 95 cents higher at 27.84. Increased speculation and a weak dollar are fueling the current rally. In my opinion at current levels there is only “pride of ownership”. I am on the sidelines.

S&P’s: This market is currently 8.00 lower  at 3308.00, just 2% below record highs.
Treat as a trading affair.

Currencies:  as of this writing the September Euro is down 13 points at1.1857, the Yen up 8.5 points at 0.94195, the Pound up 60points at 1.3183 and the Dollar Index up 6.5 ticks at 92.91. After being long the Pound, long the Euro and short the Dollar Index for Months I am Taking profits. IN My opinion this trade has become overcrowded.

Regards,

Marc

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