OptionEye - Macro Outlook - May 18th
Overnight grains see corn up 3, beans up 3 and wheat up 7. Wheat still seeing short covering by funds on reports of difficult weather.
Oil is up .64 cents ot $60.33 hanging around that new level of $60 waiting for the next catalyst. We did see some bearish interest in oil last week for the first time in a while.
Gold is higher as well this morning up by $4.20 to $1228.26. Queitly, gold has made a decent move to the upside.
The all important 10 year yield has stayed pretty close to home and sits at 2.16% this morning. We will get some economic data this week that may give us more of a picture as to what the Fed may do but up until now it seems like the 10 year has decoupled from all the bad news and wants to forct the Feds hand. This will get more and more interesting this summer.
Stocks are a little lower as we back off the new highs we closed at on Friday. The S & P future is 3 points lower this morning as Europe's markets are largely lower by about .50%.
No real news this morning as we await Housing Starts tomorrow.