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Senior Contributor

OptionEye Macro Outlook Sept. 14th

Good morning. 

 

Overnight markets are kind of quiet. 

 

Stocks are going to open a little better after yesterday's sell off. The S&P future is up almost 6 points and the Dow future is up 41 points.  We are going to have a lot of this over the next 6 to 8 weeks as this rate hike hopium works its way through the system. Does the American economy have an interest rate problom? Absolutely not is my view. Thje data has been poor at best, our growth is anemic and there doesn't seem to be a solution in sight. However, the Fed, they have an interest rate problem. They have kept them low for a very long time and it hasn't really worked. 

 

If the economy really does hit a big bump, what are they going to do? That is the $50m question. 

 

Corn is steady better, beans are up 2 to 3 cents and wheat is steady to a little easier. 

 

The dollar is slightly weaker at 95.47 down .15. 

 

The 10year yield is up at 1.71% as the rate hike beat goes on...and on...and on. 

 

The crude market also in the spotlight as it rebounds just a tad at $45.15 up .25 cents. The gold market is up as well at $1322.09 up $3.16. I think the real trooper here as been gold. With the action all around it here and abroad, gold has held on pretty well. 

 

Today we got MBA Mortgage Applications which came in a 4.2% after last months .09%. We also will get the Import Price Index as well.

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