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Senior Contributor

OptionEye - Macro Outlook - Jan. 20th

Good morning. 


Grains off to a negative start this morning. Corn down 3, beans down 7 and wheat down 2. 


Supply concerns and no real weather threats down South have the row crops on the defensive. Gold getting a boost as a safe haven and trading near $1300 at $1289.60 up $13.95 which is now near 5 month highs. 


Oil on the otherhand is getting hit again this morning. Oil sits $1.09 at $47.60 and the national average for a gallon of gas is now $2.05. 


The 10 year yield still hovering around 1.80%. Early this morning we were at 1.79% and now we sit at 1.83%. 


The IMF downgrades growth again ( suprise surprise) and China's growth numbers come in fairly healthy. The ECB is expected to embark on QE (even though it hasn't worked here) on Thursday. All this leads to stocks on the plus side today with the S & P future up over 11 points in early trade. 


No real economic news on today's diary. The SNB move is still having ripple effects. 



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