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

Financials: June Bonds are currently 17 higher at 144'05 and the 10 Yr. Note 7 higher at 131'21. My bias remains negative. If you went short the Bonds above the 144'06 level over the last couple of sessions I recommend using a protective buy stop for the moment at 145'17. If the market trades below the 143'24 level either take the short term profit or lower your stop to the 145'02 level. If the market trades below the 143'17 level lower your stop to the 144'03 level or take profits.

Grains: May Corn is currently fractionally higher at 696'0, May Beans 8'0 higher at 1447'4, May Wheat 5'0 higher at 717'0 and Dec. Wheat 4'6 higher at 743'4. We remain long out of the money call spreads in Dec. Wheat. I will be interested in going long either May, July or Dec. Corn on a 20'0 break from current levels.

Cattle: Apr. LC are currently 17 higher at 130.50 and Mar. FC 20 higher at 141.65. Feeder Cattle hedgers who have covered short futures positions (see "Report" dated 2/26/2013) should consider buying puts a couple of strike prices out of the money for price insurance at this time. Support for Apr. LC is currently 128.25 and resistance 131.35. I will be looking to go short on a rally to resistance.

Silver: May Silver is currently 3 cents higher at 29.01 and Apr. Gold 4.00 lower at 1592.00. We have taken profits from any remaining long Gold positions. I still feel the trend is down on Gold. Support is currently 1568.00 and resistance 1610.00. We continue to hold a small long position in Silver.

S&P's: Mar. S&P's are currently fractionally lower at 1515.50. We were stopped out of any remaining remaining short positions in the 1503.00area (see "Report" from 2/26/2013). At current levels I am once again willing to go short with protective buy stops above the contract high of 1530.00. I am also looking at the Mar. 1480 put for 6.00 ($300) which expires 3/15/2013.

Currencies: As of this writing the Mar. Euro is currently 8 higher at 1.3121, Mar. Swiss 9 higher at 1.0749, Mar. Yen 2 higher at 1.0836 and Mar. Pound 26 higher at 1.5172. The Pound looks like it is trying to find a bottom and I am willing to go long on breaks for a short term rally with a protective sell stop at 1.5050. I will be a seller in the Yen above the 1.1140 level if the market allows.

Regards, Marc
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