OptionEye - Macro Outlook - Aug 24th
Good ugly Monday morning.
Not going to be pretty this morning.
Stocks getting slammed after China's market off 8.5% overnight with no signs of the government stepping in. Our S & P futures are lower this morning by over 46 points. Dow futures are lower by over 400 points. Hang on.
The 10 year yield is at 1.98% this morning as a safe haven. The dollar is weaker as more and more give up the 'rate hike' ghost. It trades at 94.05 down .95.
The significant thing is that while the dollar is getting cheaper, commodities, that should rally on that news are also going down. Can you say global slowdown?
Oil this morning is getting hammered and is down $1.43 to $39.02.
Gold also lower to $1154.15 down $6.80.
We get Chicaog Fed Nat Activity Index but no matter how strong it is it won't be able to rescue the day.