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The Nemenoff Report 02/13/2020

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Financials: Mar. Bonds are currently 0’21 higher at 162’11, 10 Yr. Notes 0’08.5 higher at 130’05.5 and the 5 Yr. Note 0’4.50 higher at 119’27.25. This puts the Bonds about 1’00 higher for the week and the 5 & 10 year notes slightly lower for the week. We are once again seeing a flattening of the yield curve, The spread in yield between the 2 and 5 Yr. Notes is at zero, the spread in the 2 vs. the 10 Yr. note has come down from 27 basis pts. in favor of the 10 Yr. to 17. The announcement over night of an additional 14,000 infectious people and 294 more deaths from the Coronavirus has pushed market participants to seek safety in treasuries. Support remains at 159’15 and resistance165’10. Expect continued high volatility!

Grains: Mar. Corn is 2’2 lower at 380’6, Beans2’0 lower and Wheat0’2 lower at 547’2. I am still waiting for sharp break (7’o-12’0 cents) to pursue the long side of Corn. Live and Feeder Cattle are once again lower for the week.

Cattle: Live and Feeder Cattle are once again lower for the week. That being said, Apr. LC had a nice bounce off of yesterday’s lows and may be putting in a bottom. I am a buyer on breaks.

Silver: Mar. Siler is 9 cents higher at17.59 and down 18 cents for the week. I remain long. For interesting reading: Look up recent articles of rumored manipulation of metals markets by 2 well known banks.

S&P’s: Mar. S&P’s are 21.00 lower at 3359.50. The recent Euphoria over the Bernie Sanders’ victory, almost guaranteeing a Trump victory has been trumped by the coronavirus. I’m still looking for a further downside correction. Think put and or put spread options.

Currencies: As of this writing the Mar. Euro is 0.00080 lower at 1.08805, the Yen 0.00270 at 0.91270, the Pound 0.0073 higher at 1.3043 and the Dollar Indexo.117 lower at 98.805. I remain friendly to the Euro and the Pound.

Regards,
Marc

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