OptionEye - Macro Outlook - Dec. 16th
Good morning .
Where does one start.
Overnight, Russia raises rates to defend their currency and it doesn't work. Interest rates there are now 17%. Wow. Sanctions and oil proving to be a big problem.
Speaking of oil, still tanking and trading at $54.27 down $1.64. The low is $53.80 and as we tank, so go stocks. Energy a big part of our economy too so low oil pulling stocks lower by 9 points in the S & P future this morning. Gold trading up nervously to $1216.03 up $22.80.
The 10 year also showing signs of worry as it trades in to 2.00% this morning and currently sits at 2.02%. I think we make a run at the October 15th lows of 1.85%. Ugly. The Fed just can't buy any inflation.
Corn is 3 lower, beans are 8 lower and wheat bucking the trend with Russian worries up 6.
The dollar is weaker to 87.69 and down .76.
Today we get housing starts, building permits and Markit Manufacturing PI