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Senior Contributor
Posts: 1,505
Registered: ‎05-03-2010
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OptionEye Macro Outlook February 10th

Good morning. 

 

Well, the USDA came and went. I would say it was relatively benign. The bean market sold off on it but overnight has recovered a bit. Corn is steady better, beans are up 3 to 4 cents and wheat is steady to 1 lower. 

 

Trumps travel ban hit another bump in the road as a higher court upheld the stay. However, the markets loved his rhetoric yesterday on a 'phenominal' tax cut plan. All three major averages set records. This morning the stock market will open a bit higher again with the S&P future up 2 points and the Dow future up 26 points. 

 

The 10 year yield rallied on the tax talk and now trades at 2.41% - back into that 2.35%-2.50% range. 

 

The oil market still stuck inbetween $50 -$55 and stands this morning at $53.63 up .63 cents. Gold is quiet and a little lower at $1226.03 down $2.33. 

 

Today we get the Import Price Index, the University of Michigan Sentiment Index and the Monthly Budget.

 

It will still be all about the rhetoric and executive orders coming out of Washington and the courts.

 

 

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Posts: 495
Registered: ‎10-18-2016
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Re: OptionEye Macro Outlook February 10th

Tax cuts for business may help keep some jobs in the US and hopefully may keep some taxes here, too, under the idea that a little tax of a lot of business is better than a lot of tax of a little business.  We can't seem to get it right on the tax question.