OptionEye - Macro Outlook - Mar. 6th
Happy St. Patrick's Day.
Just as a little side note, the other patron saints of Great Britain are St. Andrew (Scotland), St. David (Wales) and St. George (England). That is your lesson for the day.
Overnight grains were quiet with corn down 1, beans down 2 and wheat up 1.
Still have this rate hike rhetoric swirling around the FED statements today. If we didn't have this to talk about I think the market would be closed. It is kind of getting out of hand.
The 10 year says things are still bad with a yield of 2.05%. The idea that the FED should raise rates so they have 'dry powder' for another down turn is ridiculous.
Equities are lower after yesterday's 'bad news is good news' rally.
Oil is on the downturn off .91 cents to $42.97. Gold too is a bit lower to $1154.55 down .31 cents.
The dollar is a tad weaker at 99.42 down .17.
Today we get Housing Starts. We have been missing on all other indicators it would be nice to see us exceed expectations on this one.