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Silver turns slightly lower for the year. The Nemenoff Report 12/07/17


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Financials: Dec. Bonds are currently 10 lower at 153’24, 10 Yr. Notes 5 lower at 124’14 and 5 Yr. Notes 3 lower at 116’11. During the last week the yield curve between the 10 Yr. and 30 Yr. has narrowed to 38 basis points which has been reflected in the futures as the Bonds gained nearly 2’00 points on the 10 Yr. and 5 Yr. Notes. On Friday we have the monthly Unemployment Report which is expected to show a gain of 200,000 non-farm payroll jobs. Next week the FOMC meeting which is expected to produce a 25 basis point bump in rates. I am currently on the sidelines willing to go short should the 10 Yr. trade above 125’04.
Grains: March Corn is currently 0’4 lower at 352’2, Jan. Beans 8’6 lower at 994’0 and Mar. Wheat 0’4 lower at 424’6. I am still patiently awaiting an opportunity to go long Mar. Corn below 346’0.
Cattle: Live and Feeder Cattle continue to slide with the Feeders out pacing the Live Cattle to the downside. That being said I believe we are starting to see some light at the end of the tunnel as the market nears long-term support 3-500 points below the market. I will be a buyer in Feb. LC below 117.75.
Silver: Silver continued its’ slide over the past week dropping another 65 cents to the current price of 15.87. I remain long a small position (mini contracts of 1,000 ounces). I have to ask myself if I would be a buyer at this level if I wasn’t already involved, and the answer, for me, is yes. All things considered, Silver is down only 10 cents for the year (give or take a few cents).
S&P’s: Dec. S&P’s are currently 1.00 higher at 2630.25. I am on the sidelines. Next week I will be quoting the March contract next week.
Currencies: As of this writing the Mar. Euro is currently 6 lower at 1.18660, the Yen 36 lower at 0.89200, the Pound 5 higher at 1.3429 and the Mar. Dollar Index 12 higher at 93.355. We were stopped out of our Dec. position in the 93.45 area. I am now on the sidelines looking to go short the Pound above 1.3620.

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

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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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