OptionEye Morning Market Macro Outlook - June 19th
Too much rain was a bullish factor for wheat yesterday. It's off 20% from its highs and had a bloody run. This morning wheat is up again with more short covering. Beans are up 2 and corn is up 3.
Oil is up .28 cents to $106.25 and gold is up $4.72 to $1282.40.
Yesterday was all about the FOMC and its minutes with the Fed chairman giving us a speech that basically was enough to ignite the stock market to all time highs.
The 10 year is below 2.60% and trades at 2.58%.
Interest rates look to be contained and low for a long time pusing investors into risk assets and loading up on stocks and leverage. I don't know when this ends but it will not end well.
The dollar is weaker by .31 to 80.26.
Lets watch the low volume, low volatility at record price levels continue.