OptionEye Macro Outlook February 28th
Happy last day of the month.
Overnight sees corn up a penny, beans up almost 4 cents and wheat up a penny. Everything took a little breather yesterday but we are still in the same mode.
The dollar is still pretty strong but a little weaker this morning at 100.99 down .14.
The stock market, up almost 19% from the election night woes, is going to open pretty flat this morning with the S&P future down 1.50 points and the Dow future down just 1 point as everyone sits around waiting for what Mr. Trump has to say this evening. I expect this session will be one of defensive plays and small liquidations.
The 10 year yield is stuck around at 2.36% at 2.35%.
The oil market, after looking like it was about to breach that $55 dollar ceiling, has sunk back into the range again and this morning trades at $53.94 down .11 cents. The gold market is pretty flat as well this morning and trades at $1254.10 up $1.33.
Again, it will be all about Trump this evening. Other than that we get GDP today, Personal Consumption, Core PCE, Wholesale Inventories, the Case/Shiller House numbers, the Chicago Purchasing Manager's Index and the Conference Board Consumer Confidence Index.