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

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By Marc Nemenoff | February 6, 2013 1:39 AM EST

Price Futures Group

Financials: Mar. Bonds are currently 14 lower at 143'01 and the 10 Yr. Note 7 lower at 131'09. Continue to treat as a trading affair between 142'19 and 145'24. Trend remains down for the mid term and neutral for the short term.

Grains: Mar. Corn is currently 4'0 lower at 730'2, Mar. Beans about 2'0 lower at 1487'0, Mar. Wheat fractionally lower at 762'2 and Dec. Wheat 1'0 lower at 801'2. I am looking to treat Mar. Corn as a trading market between 725'0 and 744'0 with a bias to the long side of the market. A close below the 722'0 level could indicate a return to the 712'0 area. I continue to recommend out of the money call spreads in Dec. Wheat as a long term position. Of note: It's the time of year to start paying close attention to South American harvest conditions and crop yields, particularly for Beans. Current support and resistance for Mar. Beans: 1460'0-1500'0.

Cattle: Apr. LC are currently 32 higher at 132.60 and Mar. FC 55 higher at 149.42. Yesterday Apr. LC gave a profit taking opportunity for long positions early in the session as the market made a high of 133.20. If you remain long either take profits or raise your protective sell stop to the 131.45 level. If the market trades above the 133.00 level raise your stop to the 132.12 level.

Silver: Mar. Silver is currently 20 cents higher at 31.92 and Apr. Gold about unchanged at 1677.00. We remain long Silver. Treat Gold as a trading market between 1657.00 and 1688.00.

S&P's: Mar. S&P's are currently 6.50 higher at 1500.00. Yesterday's sharp break has established a new short term level of support in the 1492.00 area and resistance remains the contract high of 1510.00. If the 1490.50 level is broken it may indicate a break to the 1483.00. I continue to hold a small short position.

Currencies: As of this writing the Mar. Euro is currently 4 higher at 1.3527, the Swiss 5 lower at 1.1011, the Yen 94 lower at 1.0733 and the Pound 49 lower at 1.5710. Between yesterday morning and early this morning the Yen traded above the 1.0815 level, making a high of 1.0866, giving us an opportunity to take a short term profit from recent long positions or to raise your protective sell stop to the 1.0770 level which has been penetrated.

Regards, Marc
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