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Senior Contributor

OptionEye Macro Outlook February 22nd

Good morning. 

 

Overnight sees corn up 1 to 2 cents, beans up 2 cents and wheat up 2 cents. The grain market is beginning to attract new interest and hopefully this keeps up. 

 

As for the stock market ,which has been where most  of the action has been lately, it looks to open a bit lower this morning with the S&P future down over 3 points and the Dow future down 10 .

 

The 10 year yield still moving lower this morning at 2.405 and is still struggling to get out of the recent range. This is beginning to remind me of Ground Hog Day. 

 

The dollar is a little stronger this morning at 101.62 up .25. 

 

The oil market is lower this morning backing off its assault on $55 at $54.02 down .31 cents. Gold is steady at $1237.55 up $1.85. 

 

Today we get MBA Mortgage Applications, Existing Home Sales, and the FOMC Minutes. 

 

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