Markets

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

Financials: Sept. Bonds are currently 22 lower at 125'21 and the 10 Yr. Note 14 lower at 123'22.5. We remain on the sidelines as passive observers as this market gyrates because of "flights into and out of quality" as the markets watch the events concerning Greek sovereign debt.

Grains: Yesterday Beans closed 17 lower, Corn 24 lower and Wheat 35 lower on nearby contracts. Deferred contracts fared only slightly better with Dec. Corn closing 13 lower and Dec. Wheat closing 26 lower. Overnight Beans were 4 higher, Corn 11 higher and Wheat 6 higher. I feel these markets are currently grossly oversold (I may be prejudiced by current positions). We continue to hold a combination of long futures and short out of the money calls in both Dec. Corn and Dec. Wheat.

Cattle: Yesterday Live and Feeder Cattle closed sharply higher to limit up as the market responded to lower feed grain prices and a higher cash market. I continue to like the long side of Dec. Cattle.

Silver: July Silver is currently 15 cents lower at 35.42. We continue to hold a small long position. Aug. Gold is currently unchanged at 1530.00 with support at 1511.00 and resistance at 1544.00.

S&P's: Sep. S&P's are currently 11.00 higher at 1275.00. Support is currently 1258.00 and resistance 1284.00. If you went long yesterday, take the short term profit.

Currencies: As of this writing the Sep. Euro is trading 137 higher at 1.4240, the Swiss 27 higher at 1.1798, the Yen 61 higher at 1.2461 and the Pound 72 higher at 1.6159. We have covered all short positions in both the Swiss and the Euro and will remain on the sidelines over the weekend.

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.

Other Topics

Commodities