OptionEye Morning Market Macro Outlook - June 20th
Good moring and happy Friday.
Corn is down 2, beans down 6 and wheat down 2.
The Argentine corn forecast has been raised to 32.1m tons from 31.1 by their Ag ministry.
Gold the story yesterday with all types of excuses thrown around for its big spike. It was up over $45 yesterday and I think it was merely shorts getting squeezed as well as some technical buyers that drove it up. Gold has not been on the radar that much lately and a move like that is odd and unprecedented. I think there are two reasons to own Gold, 1 - in case of Armageddon it is a perceived store of wealth, and 2- a hedge against inflation and if you listen to Fed, we have no inflation.
Considering those to reasons above, I think the gold move is short lived. Today gold is down $8.95 to $1311.44.
Stocks are unchanged. Eurpean stocks were mixed.
The 10 year is 2.63 percent and really hasn't moved much this week.
The dollar is a tad stronger to 80.39 up .07.
Have a great weekend.
Re: OptionEye Morning Market Macro Outlook - June 20th
Not everyone believes the fed
If fed printing has only ended up at Wall Street, perhaps some is starting to trickle down to main street. Day to day living costs are going up, my favorite hole-in-the-wall pizza joint recently raised their pizzas from $15 to $17.50 and a major chain place down the road closed up shop...but I guesss that`s food and we can`t count food in inflation