Good morning.
Tons of things to talk about.
Yesterday's USDA really wasn't a game changer. I still feel like the trade is waiting for acres. This morning in early trade corn is up 5, beans are up 7 and wheat is up 5. Options action was thin again yesterday as the report was digested. I expect it will be a bit busier today.
The 10 year yield came in yesterday to around the 2.11% area and has bled back out this morning to 2.13%. Interesting to see and hear the pundits blame the rate hike rhetoric for a stock sell off yesterday but completely ignore the fact that actual interest rate products were lower in rates terms. Hhmmm.
Stocks were down hard with the Dow off more than 330 points. This morning things are on the rebound and the S & P future is up over 9 handles.
Oil also was weaker yesterday but could not pierce that $48 level. This morning it is higher by .22 cents to $48.51. Analysts have targeted that $48 level as big support.
Gold can'f find its footing either as it sinks to $1158.83 down $3.02. No inflation there.
The dollar is.....yep you guessed it, higher again, to 99.40 up .78. Some economists had the index trading to 100.00 over the year, not the first three months. This has to have an effect on exporters and multinationals as well.
Today we get Mortgage Apps as all eyes will be on the dollar.
