OptionEye - Macro Outlook - Aug 13th
Good ole fashioned blood bath yesterday. Those that had to get out..did. Now, we will rebound a tad as we debate the validity of the numbers. I can say that our farm was way too wet in June, had a fantastic turnaround in July and is now very much in need of a drink. We need rain in NW Illinois.
Overnight, corn clawed back 2 cents, beans 7 and wheat up 4...we shall watch the debate begin.
The stock market made an amazing comeback but will be a little lower this morning with the S & P down just over 3 points.
The 10 year yield is at 2.17% and rather listless after the Chinese move in currency terms.
Oil is lower by .34 cents to $42.96....seems to be ignoring the refinery problems in Whiting, Indiana.
Gold too is lower and trades at $1116.06 down $8.40.
The ever important greenback is stronger again this morning at 96.70 up .43.
Today we get Retail Sales, Import Price Index, Continuing Claims and the Bloomberg Consumer Comfort Index.