OptionEye - Macro Outlook - Oct. 2nd
Chicken little is feeling a bit special this morning as some are saying the sky is falling.
After yesterday's sell off we have erased all of the gains of the 3rd Quarter, just like it never happend. The commodity world is on its heels. This is partly due to supply but also due to the strong dollar.
This morning, corn is down 1, beans down 2 and wheat up 2.
Oil is at a 17 month low and below $90.00 and currently sits at $88.79 down $1.94. Gold not responding as I think we are definitely in a deflationary cycle. Gold would normally shoot higher on global stress but hardly moved yesterday and currently sits at $1213.25 down .63 cents.
Stocks are a bit higher after the blood bath yesterday with the S & P up 3 points.
The 10 year is the truth serum and yesterday traded as low as 2.38% and now sits at 2.40% off its recent highs of 2.63%.
The dollar is off its highs but still strong trading at 85.78 down .19.
Today we get the ECB decision/rhetoric and tomorrw we get the jobs numbers.