OptionEye - Macro Outlook - July 1st
Well, that was a wild ride and looks to continue. Overnight corn unchanged, beans down 1 and wheat down 6. Yesterday's soybean stock surprise was the biggest surprise ever versus expectations. Very explosive day yesterday.
Now we look to the July report for more fireworks...no pun intended and we don't have to wait too long.
The stock market still playing games as Greece is in and out and in and out again....This morning stocks are higher on rumours of yet another compromise. The S & P futures are up over 15 points this morning in early trade.
The 10 year yield sits at 2.39% after rising yesterday on a better than expected Greek outcome. This is going to be a fluid situation and the volatility in stocks and bonds looks like it is here to stay. The big question is how the Fed will look at all of these outside influences.
Oil is lower today by .89 cents to $58.58 and gold is basically unchanged at $1172.54 up .12 cents.
The dollar is slightly stronger at 95.81 up .32.
Today we get MBA Mortgage Applications, ADP Employment numbers, Markit US Manufacturing PMI, Construction Spending and ISM Manufacturing - lots to get through as we prepare for tomorrow's jobs numbers. I expect more volatility in all three asset classes of Equites, Fixed Income and Commodities.