The Nemenoff Report

Financials: As of this writing (5:30a.m.) Sept. Bonds Are 0’1 lower at 178’03, 10 Yr. 0’01 lower at 138’25.5 and the 5 Yr. Note fractionally lower at 125’18.75. Yields are about unchanged for the week at 0.16% for the 2 Yr., the 5 YR. at 0.31%, the 10 Yr. at 0.68% and the 30 Yr. at 1.42%. This morning we have the weekly jobless claims and the monthly jobs report which could be market moving. I still remain friendly friendly to the short end of the yield curve and see the possibility of the 2 yr. going negative.

Grains: July Corn is 2’2 higher at 350’2, Beans up 2’0 at 892’2 and Wheat 0’2 higher at 499’0. Tuesday’s crop report was a trend changer revealing Corn acreage 4.9 million acres below estimates rallying nearly 30 cents, Beans 20 cents higher and Wheat up a dime.

Cattle: Since last week Live Cattle ( Aug. on back) have rallied while Feeders have worked slightly lower as expected with the new paradigm of higher feed prices gets pencilled into cost of gain formulas. i Remain negative feeders.

SIlver: July SilVer is 3cents lower at 18.10 after rallying above 18.50 resistance level. I am on the sidelines.

S&P: Sept. SAndP’s are 37.00 higher at 3140.00 and the tech heavy NSDQ100 is on new all time highs. The trend is up. Treat as a trading affair.

Currencies: Sept. Euro’s are slightly higher at 1.1233, the yen slightly higher at0.9333,The Pound 20 higher at 1.2458 and the Dollar Index slightly lower at 0.97.31. I still the long side of the Euro and Pound and the downside of the Dollar Index.

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