OptionEye - Macro Outlook - Nov. 12th
Stocks are lower this morning as European worries combined with Asian problems weigh on market sentiment. The S & P is currently down 7 points.
Overnight the grain markets continued their climb. Corn up 3, beans up 12 and wheat up 5. Supply concerns sent soybean shorts running for cover yesterday and what started as a short covering rally ended up being a pretty bullish technical move to the upside. Let's see if it can hold.
Oil a little lower again this morning at $77.30 down .64 cents. Gold is off $1.06 to $1163.23.
The 10 year yield sits at 2.33% and has had its thunder stolen from the oil and soybean markets as of late.
The dollar is stonger again this morning at 87.64 up .11.
Economic data today will be MBA Mortgage Applications and Wholesale Inventories.
Re: OptionEye - Macro Outlook - Nov. 12th
The crude market may be down BUT FARM FUEL is up to $3.54 gal
Story is all but one refinery is down right now. Last week it was $3.08.
The propane thing worked so well last year looks like a repeat in the diesel market this year.
Lots of combines and support equip running everywhere gathering a half price crop, oh joy.
This is just like trying to figure out which way the frog will hop at the county fair.