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The Nemenoff Report

10/17/2019

Financials: Dec. Bonds are currently 0’05 lower at 160’04, 10 Yr. Notes 0’03.5 lower at 129’28.0 and 5 Yr. Notes 0’01.5 lower at 118’1.0. Last week I recommended trading treasuries .We had a good sized break, trading as low as 159’10 overnight from the long side on breaks. Long term support is the low made the week of Sept. 13th at 158’12. Upside resistance is currently 165’10. The market is well off the lows due mainly to possible of progress and a deal on Brexit. I am still recommending trading from the long side with close stops (in the case of the Bonds I usually use a 12-15 tick stop).

Grains: Dec. Corn is 2’6 higher at 394’5 Nov. Beans5’6 higher at 933’6 and Dec. Wheat 6’6 higher at 5.20’0. The trend is sideways to up. That being said my near term upside objectives have been met and I am on the sidelines.

Cattle: Live and Feeder Cattle were steady to higher for the week with the Oct. LC gaining on all other months. For the moment I remain short Dec. LC

Silver: Dec. Silver is currently 15 cents higher at 17.58 Rallying on a Brexit deal and stronger Pound versus a weakening Dollar.

S&P’s: Dec.S&P”s are currently9.00 higher at 3000.50. Once the prospect of a Brexit deal was announced the market immediately rallied as high as 3006.75 and may have put in a short term top. Treat as a trading affair between 2963.00 and 33013.00.

Currencies: I am on the sidelines but will return next week now that Brexit is out of the way.

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