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Senior Contributor

OptionEye Macro Outlook August 12th

Ok. Today is the day. 


We really aren't expecting much but surprises are surprises because they aren't expected!


Overnight we see corn unchanged, beans up 1 and wheat down 1. Not going to trade too far from home until we get the numbers at 11:00 CST. 


Stocks rallied yesterday setting new highs....ugh. Not for the right reasons though. This morning we will open steady to a little better with the S&P future up almost 1 point and the Dow future up 4 points. We get Retail Sales today. It will be interesting to see the health of the consumer. 


The oil market rallied yesterday on comments and rumors of production cuts. This morning WTI is at $43.35 down .14 cents. Gold is steady to a little lower at $1338.58 down .12 cents. 


The dollar is basically unchanged at 95.86 up .01. 


Besides Retail Sales we get PPI and the University of Michigan Sentiment Survey. 


Have a great weekend. 



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