OptionEye - Macro Outlook - May 1st.
Happy May Day.
Corn down 1, beans unchanged and wheat up 4. Still been pretty quiet down here as our customers are in the field and we all sit with baited breath watching the weather reports by the hour.
Stocks are up this morning helping to pare its worst week in a month. The S & P future is up over 6 points this morning. The market has been understandably jittery after that horrible GDP number a few days ago. Things have a long way to go to get better.
The 10 year unwinding and through big support. The yield currently stands at 2.07% and the next big support would be 2.16%. We shall see.
The oil market this moring is just below $60 at $59.49 down .14 cents. Gold is lower by $3.25 to $1181.12. Just can't seem to get anything going in this market. Is this somehow suggesting some sort of deflation ahead?
The dollar is basically unchanged after having unwound all week. It currently stands at 94.63 up .03.
The nubers we get this morning are Markit US MAnufacturing PMI, Construction Spending, ISM Manufacturing and the University of Michigan Sentiment Survey.
Have a great weekend.