OptionEye Macro Outlook - Oct. 6th
Overnight sees the grain market relatively quiet with corn and wheat steady to easier and beans down 3. Things are squaring up for the numbers at the end of the week.
Once again the market engaged in circular thought. Bad jobs maybe bad for stocks...no wait. Bad jobs could be good with more QE with stocks because the economy is bad...wait, but a bad economy should be bad for earnings growth and stocks - wait what?
See where I am going? Yes, you are right. A circle. That is the circle cycle we have been in as of late. This morning stocks are lower after yesterday's rise on the back end of that circular cycle. The S&P future is over 6 points lower this morning and the Dow future is down 38 points.
The 10 year yield now clinging to 2.00% at 2.03% as we wait and see if October is and active meeting. I say no way but hey, stranger things have happened.
The oil market is lower by .21 censt to $46.05. The gold market is still languishing at $1139.48 up $3.83.
The dollar is a little weaker at 95.89 down .21.
Today we don't get much as far as economic news so the talking heads will have their way.