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Senior Contributor

OptionEye - Macro Outlook - Oct 8th

Good morning. 


Ugly day on Wall St. yesterday found its way to Europe this morning. 


After almost losing 300 pts yesterday the Dow looks to open up about 15 today and the S & P up 3 points. Not much but at least its green. 


Corn is up 1, beans are up 8 and wheat is up 2. The market is really wrestling as to where it should be going into the report on Friday. The trade got too complacent being short and they are being taught a lesson right now. 


The 10 year is at 2.35% and I say it trades into 2.15% as deflation starts to take hold. Oil too is lower and trades at $87.98 down .87 cents. Gold up, yes up $8.03 to $1217.01.


The dollar is basically unchanged up .03 to 85.70. 


Today we get Mortgage Applications which should be very interesting. Ebola continues to scare and the "Blood Moon' will have some investors spooked as well. The market is definitely in a defensive mode. 




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