OptionEye Macro Outlook - Feb. 10th
The WASDE was no help to us yesterday as supplies came in bigger than expected across the board. Wheat closed near a 5 year low. This morning corn is down 1, beans are up 2-3 and wheat is down 1.
Janet Yellen speaks today. Her prepared remarks come out at 8:30 EST and at the time of writing the Dow future is up 134 and the S&P future is up over 20 points.
The 10 year yield still showing signs of nerves. The yield still sits way below 2.00% at 1.75% this morning. It has only gone lower since the Dec. 16th rate HIKE. Go figure.
The oil market had a bad day yesterday but looks to be a bit higher this morning. Currently oil trades at $28.58 up .64 cents. Godl is a bit lower at $1183.09 down $6.04.
The dollar is weaker at 96.04 down .02. The concerning part about the dollar at the moment is that it has moved lower as of late and it really hasn't helped.
Today we get MBA Mortgage Applications and the Monthly Budget Statement.