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

By IBTimes Staff Reporter | March 01 2010 10:12 AM

Financials: June Bonds are currently 5 lower at 117'17. Near term resistance remains in the 118'00 area for the June contract. I am looking to trade the Bonds and 10 Yr. Notes from the short side on rallies.

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Grains: On Friday Beans were 11 cents higher, Corn 5 higher, and Wheat 16 higher. Over night Beans were 6 lower, Corn 1 higher and Wheat 2 lower. For the moment I favor the long side of the market in May Beans on a break to the 925'0-935'0 level and May Corn in the 376'0-373'0 area. The May Beans 880'0/1000'0 strangle is currently trading at 32'0.

Cattle: On Friday Apr. Cattle closed 17 higher at 91.92. If you remain short I recommend either taking profits or lowering your protective buy stop to your break even level. A close below the 91.50 level will generate a minor sell signal with a downside objective of the 90.50 area.

Silver: May Silver is currently 7 cents higher at 16.59. We remain long out of the money call spreads on the July contract.

S&P's: Mar. S&P's are currently 6.00 higher at 1109.50. The market is once again approaching resistance in the 1111.00 area. Support is currently the 1094.00 level. Treat as a trading market between support and resistance. We remain long out of the money puts.

Currencies: As of this writing the Mar. Euro is 83 lower at 1.3538, the Swiss 63 lower at .9245, the Yen 43 lower at 1.1210 and the Pound 306 lower at 1.4940. The Mar. Dollar Index is currently 51 higher at 80.95. Problems with Greece continue, is U.K. next (this morning's rumor). I continue to like the June Yen 107/102 put spread (currently 64-70 points).

Regards,

Marc