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Senior Contributor

OptionEye - Macro Outlook - May 12th

Good morning. 

 

WASDE today at 11:00 will keep us fairly quiet until that time. Expectations for anything out of the ordinary are low but we shall see. The progress numbers did not shock so this market is still waiting for an outside influence to get us going. 

 

Corn overnight was down 2, beans unchanged and wheat down 1. 

 

The 10 year had a decent move yesterday as the yield rose to 2.32% getting through some decent levels. Even as the data has disappointed the market has moved towards a rate hike and trade at a five month high. Go figure. 

 

Oil is higher as well by $1.14 to $60.39 benefitting from a weaker dollar as we hang around this $60.00 level waiting for another catalyst. 

 

Gold is higher by $9.28 to $1193.26. 

 

The dollar is cheaper here this morning at 94.37 down .63. 

 

Stocks are lower with the S & P down over 12 points. Europe is leading the way with most stock markets there down .50% to 2.00%. 

 

We get NFIB Small Business Optimism Index today. 

 

 

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