OptionEye - Macro Outlook - Mar. 13th
Overnight corn up 1, beans down 3 and wheat up 5.
The silliness continued yesterday as stocks took a HORRIBLE retail sales number as a wet blanket on rate hike talk and actually rallied. Big. Go figure. The 10 year yield came into 2.05% and is back out to 2.12% this morning. The markets are acting like they just don't know what to do with this information agains the backdrop of the Fed rhetoric.
Oil is below $48 and sits at $46.46 down .59 cents as more talks of a glut do the rounds.
Gold is laying there up $2.94 at $1156.62.
Stocks are slightly higher this morning with the S & P futures market up 2 handles.
The dollar is slightly stronger here this morning up .13 to 99.56 and flirting with 100.00.
Today's figures from the government are PPI and the University of Michigan Sentiment Index.
Re: OptionEye - Macro Outlook - Mar. 13th
The way I see it the financial sector saw the bad news on sales and decided then Fed wouldn't back off in the face of continuing bad news - so they bought equities.