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OptionEye Macro Outlook February 8th

Good morning. 

 

A decent day in the grains yesterday and of special note was the March corn contract settling just above its 200 DMA. Remember a few weeks ago if failed pretty hard and has now worked its way back up. This morning corn is a little easier, let's keep an eye on it. Beans are up over 8 cents and might be the lift higher that corn would need. Wheat is about 1 cent lower this morning as well. 

 

The stock market will open pretty much unchanged with the S&P future steady to a bit easier and the Dow future up about 12  points. 

 

The dollar is a little stronger yet again this morning and trades at 100.56 which is up .30. 

 

The oil market showing signs of weakness. This morning it is lower at $51.84 down .33 cents. The gold market is up again at $1237.75 up $3.83. 

 

The 10 year making a move with yields trading lower toward the low end of that 2.37%-2.50% range. This morning the yield trades at 2.378% - another one to watch. 

 

Today we get MBA Mortgage Applications sprinkled with more speculation on what may come out of the adminstration today.