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Cattle continue to decline. The Nemenoff Report 05/09/19


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Financials: June Bonds are currently 17 higher at 148’24, 10 Yr. Notes 9.5 higher at 124’01.5 and the 5 Yr. Note 5.5 higher at 115’24.0. I am still looking to sell the Bonds above 149’15. In the mean time I feel the 5 Yr. Notes are a sale for a short-term trade at present levels with a profit objective of 7-15 ticks. I continue to hold the long Dec 2019/short Dec 2020 Eurodollar spread. Friday could be a day of high volatility if the tariffs are raised on Chinese goods and services.
Grains: July Corn is currently 3’4 lower at 360’6, Beans 5’6 lower at 821’4 and Wheat 3’6 lower at 435’2. Grains continue their slide as the export market is threatened with retaliatory tariffs by the Chinese if the U.S. acts on the threat of higher tariffs on Chinese imports. Friday morning will also see the latest supply/demand report and beginning estimates of new crop statistics. All that being said, I will try the long side of July Corn below 355’0. I have no positions in Beans but I suspect they will trade below 800’0.
Cattle: Live and Feeder Cattle continue their slide as the market experienced liquidation of a record amount of long positions by funds. WE have taken profits from long put spreads and I am now looking to the long side of the market. Consider selling puts 5.00-6.00 points out of the money on August contracts.
Silver: July Silver is currently 7 cents lower at 14.795. I remain long a small position.
S&P’s: June S&P’s are 21.00 lower at 2866.25. This market has cratered due to threat of continued trade war with China. Treat as a trading affair between 2847.50 and 2913.00
Currencies: As of this writing the June Euro is currently 2.5 at 1.12265, the Yen 23.5 higher at 0.91325, the Pound 9 lower at 1.3021 and the Dollar Index 1.2 higher at 97.400. WE remain short the Dollar Index.

Regards,
Marc
 



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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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