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FOMC leaves rates unchanged. The Nemenoff Report 11/02/17


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Financials: Dec. Bonds are currently 3 higher at 152’27, 10 Yr. Notes 0’01.5 higher at 124’30.5 and 5 Yr. Notes 0’01.2 higher at 117’05.2. It now appears that J. Powell will be chosen as next Fed. Chair. He is expected to follow the current Fed path of cautious tightening. Yesterday the FOMC kept rates unchanged and it is expected that there will be a rate hike in Dec. of 25 basis points .Unemployment report tomorrow. I am still a seller in Bonds above 154’00 and 10 Yr. Notes above 128’00. The yield curve between the 30 Yr. and 10 Y. has narrowed to 48 basis points.
Grains: Dec. Corn is currently 1’4 higher at 348’6, Jan. Beans 3’2 higher at 994’4 and Dec. Wheat 4’0 higher at 422’0. I remain on the sidelines.
Cattle: Live and Feeder Cattle have rallied sharply in the last week amid tight red meat supplies. I remain short Feb. LC from the 124.00 area and expect an increase in marketing over the next month.
Silver: Dec. Silver is 5 cents lower at 17,12. I remain long.
S&P’s: Dec. S&P’s are 4.00 lower at 2570.75. We remain short futures and short the Dec. 2400 put.
Currencies: Dec. Euro is currently 38 higher at 1.1683, the Yen 5 higher at 0.8776, the Pound 122 lower at 1.3144 and the Dollar Index 13 lower at 94.58. I am a seller at current levels in the Dollar Index at current levels with a 150 point risk.

Regards,
Marc
Questions? Ask Marc Nemenoff today at 312-264-4310

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Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses.

The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or futures. The Price Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author. Trading in futures contracts, options on futures contracts, and forward contracts is not suitable for all investors and involves substantial risks. ©2017

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A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA
Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses.
The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or futures. The Price Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author. Trading in futures contracts, options on futures contracts, and forward contracts is not suitable for all investors and involves substantial risks.

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About the author


Mr. Nemenoff is a 37-year veteran of the futures industry. While attending graduate school at the Illinois Institute of Technology, Marc began his career as a clerk on the trading floor of the Chicago Mercantile Exchange.

Marc Nemenoff quickly found that his background in both math and problem solving techniques were adaptable to the futures markets as well as the career he had been pursuing in Architecture and Urban Planning. Having decided on a career change he quickly rose within the Tabor Grain Co. organization and became their analyst and operations manager for all products traded on the Chicago Mercantile Exchange.

In 1976 Mr. Nemenoff's responsibilities increased when he was granted full membership on the Chicago Mercantile Exchange as Tabor Grain Co's. representative to the exchange. He was their head analyst and liaison to all branch offices. In addition, he was in charge of designing hedging strategies in both the livestock and financial sectors of the market and writing the firms daily and weekly market letters.

In 1980 Mr. Nemenoff purchased his own membership on the CME and spent the next 12 years as an independent trader, trading in all markets with a concentration in live cattle as a spreader and market maker. As a member of the exchange he served on many committees including, Live Cattle, Nominating, Contributions, Public Relations & Advertising, and Orientation & Education. During this time he gave speeches to various groups at the behest of the exchange. These included: Agricultural Bankers, The National Cattleman's Assoc., various groups on the Role of the Market Maker, and various groups on the Role of Futures as a Risk Management Tool.

In 1991 Marc left the floor and spent his time as an independent trader and lecturer giving speeches at seminars on various topics. These included Livestock Trading, Interest Rate Futures, Spreads, Technical Analysis, and trading in the pit vs. being an outside speculator. He also taught classes as a guest lecturer at the Chicago Mercantile Exchange on Spreading, Technical Analysis, and Commodity Options.

Since 2004 Marc has been an Associated Person handling customer accounts for both speculators and hedgers. Marc is also the author of The Nemenoff Report, a daily overview of the markets adding his own perspective on market direction. Since 2002 Marc has been a Board member of Art Encounter, an Evanston, IL. non- profit organization, specializing in the visual arts and providing community outreach programs, such as art classes for people of all ages with special needs. Marc has been President of Art Encounter since 2009.

Mr. Nemenoff describes his approach to the market as 75% technical and 25% fundamental. He is also a firm believer in the use of option strategies as a way of using leverage and minimizing risk when one has a long-term market strategy.

Contact Marc Nemenoff: (800) 769-7021 or at mnemenoff@pricegroup.com

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