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Senior Contributor

OptionEye - Macro Outlook - May 20th

Good morning. 

 

Overnight grains see corn down 1, beans down 5 and wheat down 2. 

 

Progress good, weather not threatening and bullsish news thin on the ground sees these crops rangebound at best. 

 

The 10 year yield trading up to 2.26% and threatening to breakout to the upside. Keep an eye on European yields as they have been the driver as of late. 

 

Oil is higher this morning after coming off considerably as of late. Currently oil sits at $58.56 up .57 cents. Gold also better after getting hit lately and trades at $1208.50 which is up .75 cents. Hardly a rally. 

 

Stocks are slightly higher this morning as it feels like they are losing steam. These record highs seem to come and go with absolutely no fanfare. Does that mean that the investment community is nervous to celebrate them? 

 

The dollar is stronger again this morning up .32 to 95.58.

 

Today we get MBA Mortgage Applications and the release of the Fed Minutes from the April meeting. We will probably sit around all day to parse through the language of the release when it comes out this afternoon. 

 

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