The Nemenoff Report


Financials: Dec. Bonds are currently 0’3 lower at 163’15, 10 Yr. Notes0’3 higher and 5 Yr. Notes 0’2.5 higher at 119’27.50. The market, for the most part, is unchanged for the week, although there was plenty of volatility. Trump tweets, Turkey, Syria, European growth slow down, possible German recession, China trade negotiations and broadly Central Bank negative rates has had traders daily switching from risk on to risk off and back again. I continue to have a bullish bias and remain a buyer on breaks. Long term resistance remains in the 167’00 area for the 30 Yr. Bond

Grains: Dec. Corn is 0’4 lower at 393’6, Nov. Beans 0’2 higher at 924’0 and Dec. Wheat 3’0 higher at 503’2. I have taken profits on long Dec. Corn positions slightly above the 380’0 level. If you remain long raise your protective sell stop to the 381’0 level. Crop production report today.

Cattle: Live and Feeder Cattle once again moved higher for the week. We went short Dec. LC in the 110.75 area once the Oct. contract traded above 107.00.

Silver: Dec. Silver is currently 3 cents lower at 17.78, up about 20 cents for the week. Stay long.

S&P’s: Dec. S&P’s are 5.50 lower at 2913.0 after a volatile evening/early morning of which the market had a range of 2881.75 to 2923.50. Falling from the early session highs on speculation of a failure in trade negotiations with Chinese trade delegation. I continue to have a bearish bias and recommend selling rallies with stops above the 2948.00 level, which is slightly above the 2946.00 downside break out level.

Currencies: I remain  on the sidelines.

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