OptionEye - Macro Outlook - Aug 20th
Overnight grains see corn up 1, beans down 4 and wheat up 2.
Pro Farmer Crop Tour leaking little anecdotes sent beans lower yesterday. Weather is benign. Commodities getting hit globally will keep a lid on things.
Stocks will follow the Shanghai Composite Index lower today. The S & P futures are pointing to a lower opening by about 13 points this morning. Could be an ugly day. It will be interesting to see if we can recover at all this morning. Yesterday was the first day we rallied back on the FOMC minutes but couldn't hold hour gains.
Oil is also lower to $40.56 down .24 cents. Gold continues its rally to $1139.59 up $5.81.
The 10 year yield is lower at 2.09% after yesterday's FOMC comments did not give the bond bears what they wanted to hear.
The dollar is slightly easier to 96.19 down .16.
Today we get Initial Jobless Claims, Continuing Claims, Bloomberg Consumer Comfort Index, Existing Home Sales, Philadelphia Fed Business Outlook and finally the Leading Index. Lots to get our teeth into.