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Senior Contributor

OptionEye Macro Outlook - Feb. 16th

Good morning.

 

I hope everyone that got the day off had a great Presidents Day. For those that had to work, Happy Tuesday.

 

As for the markets, overnight corn up 3-4 cents, beans a healthy 6-7 higher and wheat 5-6 higher.

 

The stock market will open higher this morning. The S&P future is up over 25 points at the time of writing.

 

Oil too is higher as talks of Saudi Arabia and Russia freezing output levels. The market was higher overnight but has settled in at $29.77 up.33 cents.

 

Gold is still higher at $1214.63 up $5.28.

 

The 10 year yield higher today at 1.77% after trading as low as 1.53 last week. We get some good inflation indicators this week so it will be interesting to see how these interest rate contracts react.

 

Today we get Empire Manufacturing and the NAHB Housing Market Index,

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