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Senior Contributor

OptionEye - Macro Outlook - May 8th

Good morning. 


Quiet grain market overnight with corn and beans basically unchanged and wheat up 1. 


The 10 year yield will be in the spotlight today with the non-farm jobs numbers giving us a clue as to what the Fed might do with rates. If it is a good number the rate hike mongers will rule the day and we may see a move higher sooner rather than later. A bad number could put things off till the end of the year or even 2016. It just feels like this is a pivotal number for the trend. 


Oil is higher but not by much and has come off its highs as of late. It is up .45 cents at $59.39. The gold market is languishing at $1185.37 up .87 cents. No real story there. 


Stocks are in a holding patter and are just a little higher waiting for the number this morning. The S & P is up over 4 points going into the figures. 


The dollar is slightly stronger at 94.75 up .11. 


Have a great weekend. 


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