OptionEye - Macro Outlook - July 10th
Report Day. China. Greece. That just about sums it up.
Overnight, corn up 3, beans up 5 and wheat up 5.
WASDE at 11:00 CST. Will the rally continue. Hearing speculators still want to buy beans and sell corn. We shall see.
Stocks like the Greece accord and China stocks up big again. Our S & P future is up almost 25 points this morning. Head fake or the real deal. I say be VERY cautious. This could unwind quickly.
Oil is up .36 cents to $53.14 and gold up as well to $1162.93 up $3.50.
The dollar is weaker helping to give the commodities a boost. Currently it sits at 95.66 down .93.
The 10 year yield is up to 2.36% this morning showing signs of comfort.
We get Wholesale Inventories this morning so all eyes will be on Greece, China and WASDE.
Have a great weekend.
Re: OptionEye - Macro Outlook - July 10th
China makes me nervous as heck.
But borrowing from thoughts expressed elsewhere, people who didn't believe the USG/fed in 2009 or ECB in 2012 when they said that they would do whatever it takes are now officially listed as KIA.
So I'm going to assume the same in regards to China.
That assumption will be subject to review should the recent lows in the SHCOMP be taken out. That was also the area of the 200dma which shows just how crazy that bubble had gotten- this big crash only returned it to there.