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Senior Contributor

OptionEye....June 3rd

Good morning.

 

Corn and wheat up with beans exploding 26 cents higher. Cool and wet here in Chicago will add to the drama.

 

What I think is the biggest story of the day is Chinese PMI numbers. They came in under expectations that may forecast a slowdown in their so called red hot economy. Another indicator is electricity demand and some analysts have that number showing a 2.00% GDP rather than 7.00 or 8.00%. We shall see.

 

The trade will also have a keen eye on progress and emergence numbers this afternoon.

 

Stocks up this morning. Gold trying to get through $1400 trading at $1397 up about $9.00. The 10 year is at 2.18% looking to make a move towards 2.25%.

 

The EUR is pegged at 1.30 and feels like it has been there all year.

 

We get our own PMI numbers as well as construction spending and ISM manufacturing. This is a big week culminating in the non-farm numbers on Friday. We will get a good feeling about 'taper or not to taper' after these numbers.

 

The Nikkei was down close to 4.00% overnight and it will be interesting to see how our stocks react.

 

 

 

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