OptionEye - Macro Outlook - July 7th
There is an erie feeling on the floor this morning. Even though the futures pits have been 'operationally closed' for some time now, their official passing is still a loss. It is like a relative that is old and has been sick, the news of the death is not unexpected but is till filled with sorrow and happy memories. For all those that have come before me and done battle in the octagon, I thank you for the life lessons you taught me.
Now on to the business of the day.
Overnight corn down 4, beans down 6 and wheat down 9.
Greece causing the dollar to be stronger putting downward pressure on things here and currently stand at 96.85 up .56.
The stock market gains back a lot of what it lost yesterday with the S & P up over 4 points in early trade.
Crude bouncing just a bit after yesterday's slaughter. Crude trading at $52.63 up .10 cents and trading heavy. Gold not showing any inflation scares and trades at $1165.79 down $4.56.
We get Trade Balance numbers today so the focus will be on Greece and what it does to our stocks.