OptionEye - Macro Outlook - Aug 25th
After a tough time getting market open we finally have things going. Well, kinda. Not in the direction we would like.
Corn down 2, beans down 5 with the tightness in front persisiting and up 5 and wheat bringing up the rear wheat up 1.
Soybeans down to their lowest level since 2010 with a 25% decline on more news stories of a record crop.
Gold is down $1.63 to $1278.46 and oil is up .20 cents tp $93.85.
The stock market is higher this morning by abouit 7 S&P points but the bond market is also higher this morning. This is a continuation of what has been confounding the players in these two arenas all year. The 10 year rate has slipped to 2.38% this morning and has a lot of folks scratching their heads. I say the bond market is telling us the truth. It is bigger and deeper and I fear that we have some bumpy times ahead.
Today we get New Home Sales and Markit PMI. Geopolitics will still rule the day.