The Nemenoff Report Bonds Lower, S&P's higher, Silver Higher

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By Marc Nemenoff | October 27, 2012 12:29 AM EST

Price Futures Group

Financials: Dec. Bonds are currently 19 higher at 147’10 and the 10 Yr. Notes 10 higher at 132’07. I continue with my long term negative bias and look to be a seller on strong rallies. At the moment I will be a seller above 148’26 if the market allows. This morning’s GDP number of up 2.0% was slightly better than expectations of 1.8%.

Grains: Dec. Corn is currently 1’0 higher at 743’0, Nov. Beans 6’0 lower at 1558’0 and Dec. Wheat 2’2 higher at 875’0. We are currently long the Dec. Corn 8’0 call and also long the March Corn 800’0/850’0 call spread as a low risk opportunity to participate in any further rallies. As for futures, I am still interested in the long side of Dec. Corn between the 725’0 and 735’0 area if the market allows. I am currently on the sidelines in Wheat and Beans.

Cattle: Yesterday Live and Feeder Cattle closed sharply lower as most commodity prices fell as the Dollar strengthened causing export concerns. As I have mentioned over the last few weeks I am concerned about the near term upside potential for these markets because of competition from cheaper pork. Currently Dec. LC is trading is about unchanged at 125.725 and Nov. FC 10 lower at 145.95.

Silver: Dec. Silver is currently 15 cents lower at 31.90 and Dec. Gold 7.00 dollars lower at 1706.00. Over night we were stopped out of recent purchases of Dec. Silver when the market traded below the 31.80 level. We do however remain long silver from our original positions from the 27.00 area.

S&P's: Dec. S&P’s are currently unchanged at 1408.25 rallying off of overnight lows of 1394.50 has the market discounts Apple’s lower than expected earnings in favor of a better than expected GDP number of 2.0% vs. expectations of 1.8%. We are currently on the sidelines. Near term support is 1392.50 and resistance 1417.00.

Currencies: As of this writing the Dec. Euro is trading 30 lower at 1.2925, the Swiss 26 lower at 1.0685, the Yen 64 higher at 1.2526 and the Pound 16 lower at 1.6105. We have covered all short biased positions in the Euro and remain on the sidelines.

Regards, Marc
888.908.4310 | 312.264.4310
mnemenoff@pricegroup.com
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