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Senior Contributor

OptionEye Macro Outlook Sept. 2nd

Good morning. 

 

Overnight sees corn continuing its rally up 3 more cents, beans up 6 to 7 and wheat 2 to 3 cents. The dollar is a tad stronger at 95.78 up .13. It is nice to see a short covering rally every now and again. A great way to start the weekend. 

 

The 10 year yield is at 1.58% and it's a deer in the headlights waiting for this non-farm payroll number this morning. 

 

The stock market also will be waiting to see what we get for jobs .The estimates are for a number somewhere near 180k. A strong number will have the rate hike talkers out again and could be a damper on commodities as that dollar gets stronger. Currently, at the time of writing, stocks are little higher with the S&P future up 1.00 and the Dow future up 20. 

 

Oil is seeing a small bounce at $43.71 up .55 cents and the gold market is a little lower at $1312.29 down $1.63 and making a little run to that $1300 level. 

 

Besides the non-farm numbers we will get the Uemployment Rate, Average Hourly Earnings and Factory Orders.

 

Have a great holiday weekend.  

 

 

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