OptionEye - Macro Outlook - July 13th
The Grexit/Graccident has turned into an Agreekement. Ugh. Extend and pretend. I say this well cost the EU way more money over time as Italy, Portugal and Spain now have a back stop.
OVernight equities were lower and on the news shot much higher. The S & P future was down over 9 points before the announcement of the agreement and now is up over 14 points.
The bond market has sold off hard with yields rising with the EUphoria. The 10 year was at 2.37% last night but has risen to 2.45% this morning.
Corn is up 2 cents, beans are down 3 and wheat is down 1. So far so quiet. Big weather moving through Chicago this morning.
Oil is lower by .44 cents to $52.30 and gold is lower by $6.98 to $1156.72.
The dollar is slightly stronger this morning at 96.38 up .36.
Nothing really significant as far as economic releases so the headlines will be weather and Greek eurphoria.