OptionEye Macro Outlook October 13th
Well, that was interesting.
Psychology at first, then the technicians. Interesting to see the shorts cannibalize themselves on the way out trying to buy back the stuff they needed. The technicians took over and wiped out a lot of resistance on the way up. Today's close will be key as will Monday morning's open.
Overnight sees corn steady easier, beans powering on up 2 and wheat mixed.
The dollar is quiet and unchanged at 93.05.
The stock market wants to open flat(ish) with the S&P future steady to a point better and the Dow future up 11.
The 10 year yield is quiet at 2.32%.
The crude oil market trading higher at $51.39 up .79 cents. The gold market trying for $1300 at $1294.25 up .54 cents.
Today we get CPI, Retail Sales and the University of Michigan Sentiment Survey.
Have a great weekend.