Financials: Sept. Bonds are currently 4 higher at 136’31 and the 10 Yr. Notes 8 higher at 129’26. The market is now nearly 4’10 off of recent highs in the Bonds of 141’06. If you bought out of the money puts earlier in the week, take profits. This mornings Weekly Jobless Claims showed an increase of 5,000 versus estimates of down 3,000.
Grains: Yesterday Beans closed 3 cents lower, Corn fractionally lower and Wheat 7 lower. Over night Beans were 4 lower, Corn 4 lower and Wheat 5 lower. I recommend taking profits on any remaining long Dec. Corn calls and/or call spreads and standing aside until next week.
Cattle: Yesterday Oct. Live Cattle closed 112 lower at 113.925 and Oct. Feeder cattle closed 232 lower at 132.025. If you remain short Oct. LC either take profits or lower your protective buy stop from 116.25 to 115.35. To be honest, I prefer to just take profits. If you are short Oct. FC either take profits or lower your buy stop from 135.10 to 1133.30. Again, I prefer to take profits.
Silver: Sept. Silver is currently 25 cents higher 39.40. Support remains in the 38.00-39.00 area. Dec. Gold is 41.00 lower at 1716. Support remains in the 1675.00 area.
S&P’s: Sept. S&P’s are currently 12.00 higher at 1184.00. If you remain long either take profits of raise your sell stop to the 1162.00 level. The market is currently in resistance in the 1180.00 area. The next level of resistance if the market should rally from here is the 1210.00 level.
Currencies: As of this writing the Sept. Euro is 15 higher at 1.4432, the Swiss 33 lower at 1.2566, the Yen 15 lower at 1.2975 and the Pound 17 lower at 1.6352. Consider out of the money puts in the Yen with expiration either in Oct. or Dec.
Regards,
Marc
Questions? Ask Marc Nemenoff today at 312-264-4310
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