OptionEye Macro Outlook - Feb. 9th
Stocks recovered a bit yesterday but still finished lower and look to start that way again today. The S&P future is lower by over 14 points and the Dow future lower by 120 points.
Overnight corn is lower by 1-2 cents, beans steady better and wheat up 1. Today we get the WASDE so that obviously can all change. As for ending stocks today the surveys have all three rising a bit from last months numbers.
The 10 year yield still telling us that investors are nervous as it trades at 1.75% this morning.
The oil market temporarily decoupling from the equity market this morning with crude up .39 cents to $30.38. Gold flirting with $1200 at $1192.43 up $3.18.
The dollar is weaker and should help give commodities a boost today. After having been close to 100.00 it trades at 96.46 this morning.
Besides the WASDE numbers today we get NFIB Small Business Optimism and Wholesale Inventories.