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Senior Contributor

OptionEye - Macro Outlook - July 9th

And good morning again..


Markets overnight were quiet. Corn down 2 (groundhog day) again, beans down 7 and wheat down 3. Globally commodities are down more than 13% since June 1st. Ouch. 


Fed FOMC minutes come out today. The market has been jittery and will continue to do so until we see what Ms. Yellen has to say. I think it will be more of the same and foolish to think otherwise. 


The 10 year yield is at 2.57% and holding. Something tells me that the market does not believe the good jobs numbers we got on the 3rd. Oil is off .21 cents to $103.19. Gold ramping higher (sigh) up $5.84 to $1325.12.


No other real figures out today so it will be interesting to see equities trade the FOMC and earnings. 


Currently, equities have caught a bid and are slightly higher. European markets were a little higher as well. 



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