OptionEye Macro Outlook January 17th
Obviously it is all about the dollar right now and with no significant other issues out there it will be the short term driver. The President - Elect has tweeted about the dollar being too strong and that is why it has weakened. It has given a boost to oil, gold and any other commodity trading in $'s.
I believe it will continue to be strong especially if his tax cuts, spending plans and regulation reduction go into affect.
This morning while stocks are easier, they are no where near their overnight lows.
The 10 year yield is lower as bonds trade higher with an easier dollar. The 10 year yield is at 2.33%.
The oil market it higher at $52.64 up .27 cents and gold is higher at $1213.31 up $10.46.
Corn is up 5, beans are up 19 and wheat is up 10 . Hedge funds in buying all three - adding to longs. Volatility is ripping higher in the ags wit corn up 1.5%, beans up 3.75% and wheat up 1.00%.
This is how the year is going to be....