OptionEye - Macro Outlook - June 26th
Do we have a market on our hands? Finally starting to see massive short covering as funds bail out of shorts on continued forecasts of wet weather in already wet areas and a June 30th report next week. Crop conditions will deteriorate on Monday, report on Tuesday and then we have the July S & D right around the corner. I think this could be a bumpy ride.
Overnight corn up another 5 cents, beans up another 8 cents and wheat up another 13 cents. Strap up your helmets and seatbelts.
The 10 year yield is at 2.40% up a tad from yesterday and looking for more economic fodder to justify its next move.
Stocks are a little higher this morning with the S & P up almost 4 points in early trade.
Oil is lower by .16 cents to $59.54 and gold is up .74 cents to $1173.99.
The dollar is basically unchanged at 95.19 up .01.
Today we will see more fireworks in the Ag products as the trade wrestles with wet forecasts on already wet areas .
We get the U. of Mich Sentiment Survey today and that is about it. The market in fixed income and equities will have a tug of war with Greece and our own economic conditions.