OptionEye - Macro Outlook - April 14th
Overnight grains kind of quiet. Corn unchanged, beans up 5 and wheat down 3. Yesterday saw a wave of wheat selling as better weather and weak longs took the market almost 30 cents lower at certain points in the day. Interesting to note that wheat optioin volatility actually went down during the move suggesting that traders are comfortable and the move was not all that unexpected.
The stock market looks to open a little lower after yesterday's turnaround. European stocks are lower by .50 to 1.00% and our S & P future looks to be about 2 points lower in early trade.
The 10 year yield is range bound at 1.91% having been as high as 1.97% yesterday.
Oil is up .43 cents to $52.34 and gold is down $12.44 to $1186.45.
The dollar is basicallly unchanged at 99.47 down .02.
Today we get some decent economic figures with Retail Sales and the Producer Price Index.
Re: OptionEye - Macro Outlook - April 14th
The IMF cut the outlook for the US economy because of the strong $US. Savings growth exceeded the increase in retail spending and lower gas prices aren't translating to spending.
It appears we continue the holding pattern.