OptionEye - Macro Outlook - Feb. 6th
Its all about non-farm today and most markets have been a little wonky all week. Today probably won't change that.
Overnight corn up 2, beans up 3 and wheat up 6. This could be the first weekly gain for wheat this year.
The 10 year yield sits at 1.81% waiting for this job report. Stocks are slightly higher with S & P futures up 2 points.
Oil, yes oil, is up today. Oil sits at $51.84 up $1.36. It will be interesting to see oil react to this jobs number. Gold is down a smidge to $1263.52 which is off $1.29.
Again, today we get the jobs number but it should be noted that hourly earnings will be keenly watched as well. I think there are too many things wrong with the unemployment rate that diminish its importance. A record number of people out of work, a record number of people that have given up looking all together, a record number of people on food stamps and disability doesn't make that 5.6% number look as good as it should.