OptionEye Macro Outlook May 24th
Good morning .
An absolutely gorgeous day here in Chicago yesterday. Sunny, 80 and no humidity. That was our one day of summer. Oh well.
On to the grains. Overnight corn down jsut over 1 penny, beans slipping by 10 and wheat down 2.
The stock market will open higher this morning with the S&P future up 7 points and the Dow future up just over 50 points.
The 10 year waiting for GDP on Friday and sticking at 1.83%.
The dollar is stronger again - and will be the story for the year. This morning it sits at 95.40 up .17. As long as the Fed even hints at a rate hike, that trend will continue.
Oil is bucking the trend and is lower by .21 cents to $47.87. Gold is lower at $1241.82 down $7.30.
Today we get Richmond Fed Manufacturing Index and New Home Sales.