Markets

The Nemenoff Report - Bonds Higher, S&P's Higher, Silver Higher

Financials: June Bonds are currently 3 higher at 121'03. Support remains at 119'28 and resistance remains in the 121'16 area. I recommend the sidelines going into the three day weekend.

Grains: Yesterday July Beans closed 15 cents higher, Corn 16 lower and Wheat fractionally lower. Over night Beans were 5 higher, Corn 6 higher and Wheat 5 higher. Today is option expiration for May contracts. Support remains in the 730'0 area for July Corn and the 1320'0 area for July Beans. We remain short the July Corn 700'0/850'0 strangle.

Cattle: Yesterday Live Cattle closed slightly lower and Feeder Cattle slightly higher. Over night these markets are slightly to moderately lower depending on the contract month. Cattle on Feed Report today (see yesterday's Nemenoff Report for estimates). I recommend the sidelines until after the report.

Silver: July Silver is currently 1.10 higher at 45.64 and June Gold 2.50 higher at 1501.50. Volatility is too high for me to trade at this time. I feel this market is at current levels to due speculative momentum buying and creating a possible bubble subject to sharp breaks. Be careful.

S&P's: June S&P's are currently 5.00 higher at 1333.25. I still recommend the short side of the market with a close stop. Support is currently 1313.00 and resistance 1338.00

Currencies: As of this writing the June euro is 45 higher at 1.4547, the Swiss 109 higher at 1.1362, the Yen 81 higher at 1.2220 and the Pound 166 higher at 1.6563. Of note: the Euro is well off the overnight high of 1.4631. We remain short the Euro, short the June Euro 1.45 call, long the May Euro 1.47 call. Yesterday we covered the short put leg of the 1.37/1.45 strangle ( we bought the 1.37 put). I recommend using a protective buy stop

above the overnight high of 1.4631.

Regards,

Marc

888.908.4310 | 312.264.4310

mnemenoff@pricegroup.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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