OptionEye Macro Outlook March 9th
March is moving right along with the grain report today and the jobs numbers tomorrow. Lots to get through.
Overnight corn is 1 lower, beans are 5 lower and wheat is 2 lower. With no real bullish news out there it has been a slow bleed going into these crop numbers this morning.
Stocks will open a little lower with the S&P future 3 points lower and the Dow future down by 30 points.
The dollar is strong and basically unchanged. This morning the dollar sits at 102.05 down .02.
The 10 year yield is out of that 2.30% - 2.50% range and trades at 2.56% this morning after making a move over the last few days. We have a Fed meeting next week where it is a pretty well accepted fact that they will raise interest rates. The ADP number yesterday also gave fuel to that fire.
The oil market also breaking out of its range of $50 - $55. This morning it trades at $49.23 down $1.05 continuing the slide after a significant build in oil inventory numbers yesterday. Gold is quiet and little lower at $1206.76 down $1.59.
Today we get the Import Price Index, Initial Jobless Claims, Continuing Claims, the Bloomberg Consumer Comfort Index and the ECB rate decision.