Silver Lower - The Nemenoff Report

Financials: As of this writing (6:15) June Bonds are up 1at 157’04 down 1’25 for the week,10 Year Notes down 1 at 132’12 down 17 for the week, and 5 Year Notes flat at 124’00 overnight down 16 for the week. Yields are once again higher as the yield curve continues to steepen. The 2year is at 0.14% unchanged for the week, 5-year up 7 basis points at 0.76%, the 10-year up 12at 1.57%, and the 30year bond up 12 basis points at 2.33%. The market was quite volatile trading elk below the 157’00 level. My downside target of 157’24 has been met and penetrated and I have recommended covering short biased positions. I will be a buyer on further breaks. Estimates for today’s employment report run the gamut I of -100,000 to +400,000 nonfarm payroll jobs.

Grains: May Corn is currently 6’0 higher 539’0 down4’0 for the week and May Beans up 5’0 overnight and down 18’0 for the week. Exports, S. American weather, and technicals are all keeping trends positive. I will continue to buy breaks. Ian also looking to be a buyer in November Beans.

Cattle: April Cattle closed 85 lower yesterday at 118.55 down 367 for the week and March FC down190 at 135.10 down 527 for the week. I remain negative front-end contracts and friendly to deferred. I remain spread long August/short April LC. I still feel marketings will remain high and we will start seeing a drop in average weights which will be friendly down the road.

Silver: May Silver is currently 7 cents lower at 25.40 down $2.63 for the week. I’ve been waiting for a break below 25.00 to be a buyer, almost there!

S&P: June S&P’s are 7.00 higher at 3762.00 down 136.00for the week. Basically, the market doesn’t like higher interest rates and the prospect of inflation. Long-term support is 3600.00 to 3650.00.

Currencies: The June Euro is currently down 5 points at 1.1967 down 293 for the week, the Yen down 29 at 0.9249 down 202 for the week, the Pound down 63 overnight at 1.3831 down 306 for the weekend the June Dollar Index up 29 at 91.92 up 217 for the week. The Dollar has reacted favorably to higher rates generating sell signals on individual currencies and a buy signal on the Dollar Index. I’m not ready to follow, stand aside.


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