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Senior Contributor

OptionEye - Macro Outlook - May 19th

Good morning. 


No real surprises out of planting progress yesterday afternoon. Overnight we are a little easier with corn down 3, beans down 1 and wheat giving back about 9. Obviously we have had a little weather market in wheat and I think it has been exaggerated by the huge fund short that has been getting out at the same time. We will need new bullish news to keep this market going. 


The 10 year yield has been volatile and sits at 2.19%. Yesterday saw it trade out to 2.24% as we saw yields blow up in Greece. Their 2 year rate is 22% compared to the US at .55%. Crazy times. 


The dollar is stronger this morning and has traded as high as 95.05 and now is 94.85, up .63.


Oil has slipped and stands at $59.03 down .40 cents and gold is lower as well to $1222.03 down $3.49. Gold has been one to watch as it has strengthened considerably over the last few days. 


Stocks are going to be higher as Europe is up about 1.50% and Home Depot beats. Both the Dow and S & P set records yesterday. The S & P future is up 5 points as we speak. 


Today we get some housing numbers with Starts and Building Permits. 


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