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Senior Contributor

OptionEye - Macro Outlook - April 30th

Good morning. 

 

Overnight grains corn up 2, beans and wheat up 4 each. 

 

Well, yesterday's action was surely peculiar. the 10 year yield rallied to 2.03% on the back of bad economic numbers. GDP came in at .2% while we expected 1.00%. The market is unwinding and rates actually rallied on negative news as the dollar also weakened significantly. The dollar stands at 94.79 down .41 and down from 99.00 just a few weeks ago.

 

The stock market was weak yesterday and looks to open up a little lower today as well. The S & P is down over 4 points today as Europe comes in mixed. 

 

The oil market rallied hard as shorts unwound and stands at just under $60 at $59. 22 up .64 cents this morning. Gold is pretty flat this morning at $1202.87 down $1.78. 

 

Today's economic numbers are the Employment Cost Index and Personal Income/Spending. We will have to wait until next Friday for non-farm payroll to come through. 

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Esteemed Advisor

Re: OptionEye - Macro Outlook - April 30th

Markets that decline on good news are usually extremely over-valued. At least that is what my plan is designed to capitalize upon... Smiley Wink

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Veteran Contributor

Re: OptionEye - Macro Outlook - April 30th

ADM GERMANY FORECASTS GERMAN 2015 WHEAT CROP AT 25.6 MLN T AGAINST 27.7 MLN T IN 2014

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