OptionEye Macro Outlook April 25th
Great weekend across the Midwest. Weather was fantastic.
Overnight grains see corn down 1, beans 6 to 7 and wheat down 2. Friday saw a substantial sell off as the market came back down to earth after venturing into overbought territory. Intersting to note that after the wild week, we set some volume records while corn actually finished lower on the week. Option volatilities spiked again in corn and came off hard in beans and wheat. Wow.
This week will be interesting after last weeks fireworks.
The stock market will open quietly lower as the S&P futures are down 3 points and the Dow future down 30 points.
The 10 year yield will be in a holding pattern waiting for the Fed decision this week. This morning the 10 year yield sits at 1.86%. The Fed comes out with their decision on Wednesday afternoon.
The oil market is a little lower at $43.33 down .40 cents. Gold slightly higher today at $1233.82 up $1.29.
The dollar is a little weaker at 94.81 down .30.
Today we get New Home Sales and the Dallas Fed Manufacturing Activity Index. All in all it will be a week to watch closely what happens in the grain market and wait for the Fed.