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Senior Contributor

OptionEye Macro Outlook January 9th

Good morning. 

 

Overnight sees corn 1 to 2 cents better, beans about a penny higher and wheat leading the pack up 4 to 5 cents. 

 

Non-farm was non-exciting. Some say it was 'good enough' but if yo ask me there was no real change except for wage pressures. That will need to hold up so as to stay on this course of rate hikes this year. 

 

The dollar is starting to make a slow rally back to its highs. Currently the dollar index is at 102.33 which is up .11. 

 

The 10 year yield is hanging around the 2.40% level and currently trades at 2.39%. 

 

The stock market will open a little lower this morning with the S&P future off about 2 points and the Dow future lower by over 20 points. 

 

The oil market trading back through that $54 level and making a run at $53. This morning as of writing crude is at $53.02 down .97 cents. The gold market is up at $1179.60 up $6.76 .

 

Today we get Consumer Credit as all the talking heads eye this Dow 20,000 level. 

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