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Senior Contributor

OptionEye - Macro Outlook - Mar. 6th

Good morning. 


Overnight corn unchanged, beans unchanged and wheat down 1. 


Tomorrow will be non-farm and today will be about playing defense. On Tuesday we get the USDA so the next few days will be a little iffy. 


Stocks are up a tad this morning with the S & P up 2 points in early trade. The market is banging the 'rate hike' drum but I just don't see it. There is a growing consensus for a June hike but if I look at the data I just don't see it. 


The 10 year yield is about unchanged at the 2.12% level and also is awaiting the jobs and wage numbers for tomorrow.


Oil is climbing this morning to $51.89 up .36 cents. Seems like the weak hand is the short in this play. 


Gold is slighty higher at $1201.23 up .93 cents in quiet trade. 


The dollar is continues its march higher to 96.17 up .21. This has got to start to hurt if it hasn't already. 


Today we get Initial Jobless Claims, the Bloomberg Consumer Comfort numbers and Factory Orders. Yet still, it will all be about tomorrow's jobs. 




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