Markets

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

Financials: Sep. bonds are currently 32 lower at 123'13 and the 10 Yr. Note 20 lower at 122'22. We remain long the Sept. 121'00 put with orders to take profits at 54/64ths. This mornings PPI Report came in as expected showing an increase of 0.2%. Retail sales were down 0.2%, slightly better than expectations of down 0.3%. Of note: Reports showing growth in China better than expected and has once again raised reserve requirements by 50 basis points.

Grains: Yesterday beans were 5 lower, Corn 4 lower and Wheat 16 lower. Over night Beans were 4 lower, Corn 10 lower and Wheat 2 lower. Deferred contracts (new crop) fared a bit worse with Dec. Corn down 13 cents reflecting yesterday's crop progress report which showed the Corn crop now fully planted. Of note was Ohio which went from being 58% planted a week ago to 97% planted as of June 12th. We remain long Dec. Corn and continue to hold a combination of long Dec. Wheat and short the Dec. Wheat 900'0 calls. We have intentionally kept these positions small to enable us to add on breaks.

Cattle: Yesterday Live Cattle closed 75 higher and Feeder Cattle 120 higher. I remain on the sidelines.

Silver: July Silver is currently 4 cents lower at 34.75. We remain long a small position. I will be a buyer below 32.00 if the market allows. Aug. Gold is currently 1.00 higher at 1516.00. I remain somewhat negative on Gold. Support remains at 1480.00 and resistance remains at 1546.00.

S&P's: Sept. S&P's are currently 12.00 higher at 1278.00. I feel the market is currently in resistance with support in the 1265.00 level.

Currencies: As of this writing the Sep. Euro is 24 higher at 1.4396, the Swiss 83 lower at 1.1857, the Yen 55 lower 1.2420 and the Pound 15 higher at 1.6370. If you remain short the Swiss lower your buy stop to the 1.1920 level or take profits. If you remain short the Euro lower your buy stop to the 1.4450 level. If you are short the Sept. Euro 1.52 put, hold the position.

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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