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Senior Contributor

OptionEye - Macro Outlook - July 16th

Good morning. 

 

Everything is all ok...nothing to see here. Greece is fine. China is fine. US economy is fine. 

 

Oh well. 

 

For those that are wondering if there is still a trading floor, the answer is YES. We still trade options (corn, wheat, beans, eurodollars, bond and currency) on the floor in our funny colored jackets, yelling and screaming all day. Still is fun, we know our time is limitied but we enjoy it nonetheless. I was in London when we closed the floor and went all electronic back in 1997 ( yes, 18 years ago) and listening to the air conditioner upstairs all day does not compare to these stinky, sweaty guys wearing pajamas, yelling and screaming at me all day. Just sayin. 

 

Overnight corn was up 4, beans up 7 and wheat unchanged. 

 

Stocks love the fact that the Greek parliment approved the bailout plan and now the vote goes to the German parliment for what is seen to be a foregone conclusion. The S &  P future is up almost 9 points this morning. 

 

Oil is up .64 cents to $52.05 and gold is down $4.7 to $1144.95. No inflation here. 

 

The dollar is up again to 97.54 which is up .38. 

 

Today we get Initial Jobless Claims, Continuing Claims and the Bloomberg Consumer Comfort Index. 

 

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2 Replies
Veteran Advisor

Re: OptionEye - Macro Outlook - July 16th

Is the trade concerned at all with the disease problems in the corn crop that can explode with the hot, humid weather forecasted for the next two weeks or more?  Don't think that is something that shows up in crop progress reports, but if it does happen it will show up when the combines roll. 

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Honored Advisor

Re: OptionEye - Macro Outlook - July 16th

Well, that`s good you guys can still floor trade options, I thought you`d have to get the gang together a couple nights a week and play the game of Pit, to get yor adrenalin fix  Smiley Happy

 

http://howdoyouplayit.com/pit-card-game-rules/ 

 

 

Corn here is silking and I woke up to rain, it`s a pleasant surprise if the market was up overnight.

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