OptionEye - Macro Outlook - April 30th
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.
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...