OptionEye Macro Outlook November 2nd
Overnight sees corn quiet and steady easier, beans 1 to 2 lower and wheat up 1. We have Informa tomorrow as well.
Things are getting interesting as of late. Equities showing signs of nerves and this morning they are lower. The S&P future is down 1 and the Dow future down 23 points.
Yesteday's bond action was pretty hairy as we started with a decent sell off and a rally in yields but as the day wore on and equities started slipping bonds staged a major comeback. Yesterday morning we saw yields making their way past 1.88% looking for 1.90% and now we stand at 1.79%.
The dollar is weaker and finally broke yesterday and trades at 97.46 down .23.
Oil is lower by .70 cents to $45.97 and gold is up on the nerves in the world at $1295.40 up $7.38.
Today we get ADP, MBA Mortgage Applications and the famed FOMC Rate Decision.