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Senior Contributor

OptionEye - Macro Outlook - July 8th

Good morning. 

 

More melting over night. Trade getting comfortable everywhere as margin calls start to bite. 

 

Overnight corn down 1, beans up 3 and wheat down 9. 

 

China getting slammed again has our stock market lower again. The S & P future is off more than 15 points in early trade as the Dow is in negative territory for the year and the S & P flirting with it. 

 

The 10 year yield is proving to be the safe haven with yields trading at 2.22% and were as low as 2.19% early this morning. 

 

Oil pretty much unchanged at $52.40 up .07 cents and gold up .63 cents to $1156.00. 

 

The dollar is a tad weaker this morning down .29 to 96.56. 

 

We get MBA Mortgage Apps today as the media watches Greece and true traders watch China. Greece is the appetizer where China is the main meal. 

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