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Senior Contributor

OptionEye Macro Outlook - Sept. 17th

Good morning.


Well, today is the day. No matter what happens with the Fed, economic indicators will still be very important and it will be interesting to see how the Fed gets themselves out of this mess they have gotten themselves into.


Overnight grains see corn down 2, beans down 1 and wheat basicallly unchanged. This looks and feels like even the grain markets are sitting back to see what happens with the Fed. Money will move, make no mistake. That is why I think we are quiet and will wait and see what happens with the capital flows.


Stocks are a little lower with the S & P lower by 3 points and the Dow future down about 19 points early on.


Oil had a 5.5% jump yesterday after a surprise inventory drop and this morning is lower by .51 cents to $46.64. Gold is lower as well to $1117.38 down $2.14.


The 10 year yield holding firm after Tuesday's move and stands at 2.28%.


The dollar is  a little weaker and trades at 95.23 down .18.


Today it will be all about the Fed. We will get Housing Starts, Initial Jobless Claims, Bloomberg Consumer Comfort Index and the Philadelphia Fed Business Outlook.


Fasten your seatbelts.


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