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The Nemenoff Report 02/13/2020

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Financials: Mar. Bonds are currently 0’21 higher at 162’11, 10 Yr. Notes 0’08.5 higher at 130’05.5 and the 5 Yr. Note 0’4.50 higher at 119’27.25. This puts the Bonds about 1’00 higher for the week and the 5 & 10 year notes slightly lower for the week. We are once again seeing a flattening of the yield curve, The spread in yield between the 2 and 5 Yr. Notes is at zero, the spread in the 2 vs. the 10 Yr. note has come down from 27 basis pts. in favor of the 10 Yr. to 17. The announcement over night of an additional 14,000 infectious people and 294 more deaths from the Coronavirus has pushed market participants to seek safety in treasuries. Support remains at 159’15 and resistance165’10. Expect continued high volatility!

Grains: Mar. Corn is 2’2 lower at 380’6, Beans2’0 lower and Wheat0’2 lower at 547’2. I am still waiting for sharp break (7’o-12’0 cents) to pursue the long side of Corn. Live and Feeder Cattle are once again lower for the week.

Cattle: Live and Feeder Cattle are once again lower for the week. That being said, Apr. LC had a nice bounce off of yesterday’s lows and may be putting in a bottom. I am a buyer on breaks.

Silver: Mar. Siler is 9 cents higher at17.59 and down 18 cents for the week. I remain long. For interesting reading: Look up recent articles of rumored manipulation of metals markets by 2 well known banks.

S&P’s: Mar. S&P’s are 21.00 lower at 3359.50. The recent Euphoria over the Bernie Sanders’ victory, almost guaranteeing a Trump victory has been trumped by the coronavirus. I’m still looking for a further downside correction. Think put and or put spread options.

Currencies: As of this writing the Mar. Euro is 0.00080 lower at 1.08805, the Yen 0.00270 at 0.91270, the Pound 0.0073 higher at 1.3043 and the Dollar Indexo.117 lower at 98.805. I remain friendly to the Euro and the Pound.


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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

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