OptionEye Macro Outlook - Oct. 23rd
Overnight grains see corn down 1, beans unchanged and wheat up 3. Still rangebound and looking for leadership.
China cuts their deposit rate by 0.25 points and cuts the Reserve Ratio by 0.50. That has stocks on a tear to the upside. Here we go again. The ECB also hinting at cutting SOMETHING as they are experiencing slower growth than expected and that fueled yesterday's gains. The blind buyers are being rewarded by stocks rallying on bad news and economic weakness. Go figure.
The 10 year yield moves out to almost 2.07 on the news and that also has the dollar strengthening to 97.49 up .11.
Oil is up .30 cents to $44.68 and Gold is up $13.14 to $1179.21.
Stocks are on fire with the S&P future up 19 and the Dow future up 172.
Have a great weekend.