OptionEye - Macro Outlook - June 11th
Stocks had a great day yesterday and are pointing to a rather flat opening this morning. The Dow was up over 236 points yesterday and the S & P futures are lower by less than a point this morning.
The 10 year hanging out at the 'new' level of 2.50%. This morning we are at 2.48% as the bond market seems to be doing a lot of the work for the Fed.
Oil has been on a tear to the upside as well and sits at $60.63 down .80 cents this morning. That $60-$65 level seems to be good resistance.
Gold still languishing at $1180.09 down $6.16 and not really going anywhere. No real inflation and no armageddon.
After yesterday's WASDE report, we were lower across the board with wheat leading the way. It was almost as if the numbers were leaked before hand. Overnight corn a little better, beans a little easier and wheat continues its sell off down 5 cents.
The dollar is a little stronger this morning at 95.12 up .47.
Today we get Retail Sales, the Import Price Index, Continuing Claims and the Bloomberg Consumer Comfort Index - lots to get our teeth into.