OptionEye Macro Outlook January 5th
Overnight, grains holding onto most of their Wednesday gains. Corn is steady to off by a penny, beans are 5 to 6 lower, and wheat a half to 1 cent lower.
Stocks will open a little lower this morning as we still debate when we see Dow 20k. This morning the S&P future down almost 3 points and the Dow future down 11.
The 10 year yield backing off a bit at 2.43%. The FOMC minutes were not surprising and if anything helped to have the dollar trade a bit lower giving commodities a boost.
The dollar this morning is at 102.32 down .38. Last week we were well above 103.
The oil market is quiet and up at $53.75 up .49 cents and the gold market also getting a weak dollar boost at $1173.35 up $9.74.
Today we get ADP Employment Change, Initial Jobless Claims, Continuing Claims, Markit Us PMI's and ISM Non-Manufacturing.