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

 
on November 16 2012 4:07 PM

Financials: Dec. Bonds are currently 3 lower at 151’31 and the 10 Yr. Notes unchanged at 134’01. I’m still willing to trade this market from the short side on rallies above the 152’04 level and recommend using a protective buy stop at 152’22 for protection which will be a new recent high. Support remains at 150’04.Grains: Dec. Corn is currently 4’2 lower at 717’0, Jan Beans 15’4 lower at 1386’4 and Dec. Wheat 1’2 higher at 846’6. Jan. Beans are near support of 1380’0 and I will be looking to be a buyer on any further breaks. We remain long Dec. Corn with a protective sell stop at 708’0. We remain long out of the money calls on Dec. Corn which expire in a week. We also remain long out of the money call spreads on Mar. Corn.Cattle: Dec. LC are currently unchanged at 125.60 and Jan. FC unchanged at 145.15. I am still on the sidelines awaiting a buying opportunity in Dec. LC below the 124.50 level and Jan. FC below 142.00. Cattle on Feed Report this afternoon.Silver: Dec. Silver is currently 30 cents lower at 32.36 and Dec. Gold 3.00 lower at 1711.00. Dec. Gold has some minor support at 1705.00. If this level does not hold I would expect a break to the 1685.00 area. I want to be long on a sharp break.S&P's: Dec. S&P’s are currently 5.00 higher at 1356.00. Over the last few sessions the market has traded below the near term support level of 1353.00 but has found support in the 1343.00 area which coincides with the Aug. 2nd low of 1343.00. I am changing my bias from negative to somewhat friendly and willing to trade from the long side on breaks. I suspect the market could rally to the 1367.00 to 1371.00 level over the next few sessions.Currencies: As of this writing the Dec. Euro is currently 33 lower at 1.2744, the Swiss 32 lower at 1.0585, the Yen 6 higher at 1.2323 and the Pound 24 higher at 1.5873. If you went short the Yen either take the short term profit or use a protective buy stop at 1.2450. If the market should trade below the 1.2265 level lower your buy stop to the 1.2390 level or take profits. Long term support on the Yen is currently the 1.2000 area.Regards, Marc888.908.4310 | 312.264.4310mnemenoff@pricegroup.comwww.pricegroup.com

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