OptionEye Macro Outlook - Oct. 7th
Overnight saw corn up 1, beans up 6 and wheat up 3. Let the rally continue. French wheat at a 7 week high on dry weather.
Stocks continue their march higher with the S&P future up over 10 points and the Dow future up just over 100 points.
The 10 year yield rising a little to 2.06% after starting yesterday at 2.03%.
The oil market has some big numbers due out this morning and rallied hard yesterday to $49.37. And gold higher as well to $1152.54 up $5.30.
The dollar is a little lower at 95.39 down .05 in early trade.
We will be watching the oil stocks numbers this morning and will continue to debate this 'circle cycle' that we find ourselves in...bad news is bad...wait, what about QE? Then we rally but wait, we have QE because the economy is weak and that is bad for earnings and stocks so we break....but wait, what about QE? Then we rally and so on......we need to recognize that we are deploying captial in the wrong arenas...and paying attention to the wrong things...