OptionEye Macro Outlook January 3rd
Good...no great to be back in the saddle again.
Overnight looks like corn is roaring ahead - steady better, beans are 3 to 4 lower and wheat is mixed. Sounds about right for the first trading day of the year.
The dollar is powering ahead out of the box and trades at 103.43 up .65.
The 10 year yield is rallying to 2.51% after some end of year balancing weaknes.
The stock market will open sharply higher this morning with the S&P future up 17 points and the Dow future up 141 points.
The oil market putting in a good performance in the face of a strong dollar. This morning crude trades at $54.86 up $1.14. The gold market still struggling at $1148.13 down $4.02.
Today we get Marlit US Manufacturing PMI, the ISM's and Construction Spending.
Feels good to be back.