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Senior Contributor

OptionEye - Macro Outlook - July 9th

Good morning. 

 

It's all fixed. Nothing to see here. No panic, China ok and Greece getting better. NOT. 

 

But that is the feeling of the day. Let it pass. 

 

Our markets up overnight. Corn up 2, beans up 14 and wheat up 3. 

 

Chinese stocks post their bigget one day gain since 2009 after policy makers take extraordinary measures to bolster share prices. 

 

This Greek exit talk ( Grexit ) should be renamed Graccident. 

 

Our stocks following China and not Greece. Overnight our S & P futures are up over 21 points this morning as the market takes a big collective sigh of relief. United, NYSE and WSJ all having tech issues yesterday sent a small worry through the market. Today that worry is gone. 

 

Oil will rebound again and is up $1.10 to $52.75 and gold is higher by $3.60 to $1162.06.

 

The dollar is slightly higher to 96.43 up .13. 

 

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

 

Yesterday's tech issues drowned out the FOMC minutes which were basically a non event. They still are and will be data dependent. And if you ask this trader the data is no good. 

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