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

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By Marc Nemenoff | February 26, 2013 1:14 AM EST

Price Futures Group

Financials: Mar. Bonds are currently 10 lower at 143'22 and the 10 Yr. Notes 4 lower at 131'25. By the end of the week the June contract will be considered lead moth which is currently trading at a 1'16 discount to the Mar. contract at 142'06. For today, I'm still looking at the Mar. contract as a trading affair between 142'16 and 144'06. My bias remains long term negative and I will look at a rally this week, if the market allows, to the 144'06 level on the JUNE contract as an opportunity to establish a short position.

Grains: MAY Corn is currently 2'4 lower at 681'6, MAY Beans fractionally lower at 1443'4, MAY Wheat 5'2 lower at 713'4 and DEC. Wheat 4'6 lower at 741'6. We continue to hold out of the money call spreads in Dec. Wheat. I will be a buyer in May Corn in the 670'0-765'0 area and/or July Corn below the 655'0 level.

Cattle: Friday's Cattle on Feed Reort showed the following:
The following estimates, as compiled by Dow Jones Newswires, are for the U.S. Department of Agriculture's monthly cattle-on-feed report. The report was released Friday afternoon.

All in all a relatively neutral report favoring nearby contracts over deferred because of increased better than expected marketings. Late last weeks we were stopped out of any remaining long Apr. LC positions from the 127.50 level when the market traded below the 127.95 level.

Silver: MAY Silver is currently 47 cents higher at 29.00 and Apr. Gold 15.00 dollars higher at 1588.00. We remain long Silver having rolled Mar. contracts into the May contract. If you went long Gold last week (see Report from 2/21/2013) either take profits or raise your protective sell stop from the 1550.00 level to the 1582.00 area.

S&P's: Mar. S&P's are currently 7.00 higher at 1521.00. We are taking a short position this morning with a protective buy stop above the contract high of 1530.00. The market is currently in short term resistance with initial support at 1513.50 and below this level 1507.00.

Currencies: As of this writing the Mar. Euro is currently 123 higher at 1.3304, the Swiss 61 higher at 1.0810, the Yen 64 lower at 1.0643 and the Pound 121 lower at 1.5115. We have been stopped out of any remaining short Euro positions when the Euro first traded above the 1.3280 level.

Regards, Marc
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