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Bonds Rally To Recent Highs. The Nemenoff Report 05/16/19


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Financials: June Bonds are currently 1 lower at 149’27, 10 Yr. Notes 2.5 lower at 124’19.0 and 5 Yr. Notes 2.25 lower at 116’03.50During the last week we have seen an escalation in the tariff battle with China which put the market in a “risk off” scenario as market participants back off of equities and sought the safe haven of U.S. treasuries. WE are currently short the 5 Yr. Note and spread long Dec. 19/short Dec. 20 Eurodollars, both positions are currently at a small loss. My objective of Bond prices above 149’15 has been reached and I am a seller on rallies.
Grains: July Corn is currently up 5’6 at 375’2, Beans 5’4 higher at 841’0 and July Wheat 10’4 higher at 459’2. Late planting due to unseasonably wet weather is perceived to have a negative effect on yields causing a substantial rally off of last weeks lows. Last week I recommended the long side of July Corn below 355’0. Take profits on today’s higher market!
Cattle: Live and Feeder Cattle continued their slide making new lows. The good news is that we are seeing some mid session bounces indicating to me that there is some interest. We are currently long biased and have sold short the Aug. LOC 102.00 put for 175 points.
Silver: July Silver is currently 2 cents lower at 14.79. I remain long.
S&P’s: June S&P’s are currently 7.00 higher at 2862.00. We have been buyers below the 2847.50 level and suffered through some wild swings as evidenced by the recent 2799.00 low. Treat as a trading affair between 2820 and 2885.00.
Currencies: As of this writing the June Euro is currently 2.5 lower at 1.12320, the Yen up 6 at 0.9162, the Pound 35 lower at 1.2829 and the Dollar Index .064 higher at 97.440. The Pound worked lower for the week as G.B. still has not come to terms with Brexit. We remain short the Dollar Index with a protective buy stop at 98.200.

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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