Financials: Sept. Bonds are currently 115 higher at 138’09 and the 10 Yr. Note 20 higher at 130’11. Support remains just below the 136’00 level and resistance just above the 139’00 level. I remain on the sidelines as the market awaits the Consumer Confidence number this morning.
Grains: Yesterday Nov. Beans closed 23 cents higher, Corn 3 higer and Wheat 5 lower. Over night Beans were 8 lower, Corn 9 lower and Wheat 11 lower. I am currently on the sidelines feeling the markets are over bought at the moment. I will be looking at a break below the 735’0 level in Dec. Corn as an opportunity to reinstate long positions and long calls and/or call spreads.
Cattle: Yesterday both Live and Feeder Cattle closed about 60 lower. We are currently on the sidelines awaiting a rally to reinstate short positions.
Silver: Dec. Silver is currently 70 cents higher at 41.30. I will be a buyer below the 38.50 level.
S&P’s: S&P’s are currently 6.50 lower at 1201.50. The market awaits Consumer Confidence numbers at 8:55 Chicago time. I feel the market is currently in resistance and recommend the short side of market.
Currencies: As of this writing the Sept. Euro is 75 lower at 1.4428, the Swiss56 lower at 1.2218, the Yen 27 higher at 1.3032 and the Pound 113 lower at 1.1692. We remain long out of the money puts on the Oct. Yen.
Regards,
Marc
Questions? Ask Marc Nemenoff today at 312-264-4310
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