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Senior Contributor

OptionEye - Macro Outlook - Dec. 22nd

Good morning. 

 

Overnight corn down 1, beans down 4 and wheat up 8. Russian export duties responsible for the rally in wheat. 

 

Stocks up this morning as the end of year buying intensifies as well as those in the QE camp begin to lick their chops for a December move by the ECB. Watch this space. 

 

Oil had a brief rally Friday and overnight but as we come in this morning things look heavy again. Oil off .37 cents to $56.76. The god market is still hanging around $1200 and currently sits at $1196.92 up .57 cents in a relatively quiet trade. 

 

The 10 year is at 2.17% having made it to the 2.20% level late last week. The bond traders heard rate hike as the stock traders heard more QE. Somebody is going to be wrong...

 

The dollar is slightly easier at 89.50 down .09. 

 

Today we get Existing Home Sales. 

 

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