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

By Roger Baettig | April 30 2012 10:28 AM

Financials: June Bonds are currently 4 higher at 127'27. We continue to remain short the June Bond 142'00/140'00 call spread which is currently at a loss. Support is 141'23 and resistance 143'14.

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Grains: Over night July Corn traded 1'4 higher at 627'0, July Beans 6'6 lower at 1486'6 and July Wheat 7'4 lower at 642'4. July Corn met the 630'0 resistance level with a high of 631'4 over night. Market direction should start to be dictated by planting progress and weather in the coming weeks. Watch the July/Dec. spread which should be indicative of this progress.

Cattle: On Friday June LC closed 47 higher at 112.85 and May FC 20 higher at 148.775. Trends remain down, however, possible bottoming action. My inclination is to trade from the long side, but I will await a technical signal as opposed to trying to catch a falling knife.

Silver: July Silver is curently 61 cents lower at 31.80 and June Gold 10.00 lower at 1656.00. I remain on the sidelines awaiting lower prices before going long.

S&P's: June S&P's are currently 5.50 lower at 1393.00. Friday's high of 1403.00 has established near term resistance as mentioned in Friday's Report. Near term support is the 1382.00 area. I like the short side of the market at the moment.

Currencies: As of this writing the June Euro is trading 30 lower at 132.30, the Swiss 27 lower at 1.1018, the Yen 74 higher at 1.2520 and the Pound 20 lower at 1.6244. I continue to hold a negative bias to the Euro and the Yen.

Regards, Marc 888.908.4310 | 312.264.4310 mnemenoff@pricegroup.com