Good morning and Happy Halloween.
Saw the animals walking 2 by 2 on my way into work this morning. Absolutely chucking the rain down here in Chicago.
Decent rebound in ags overnight. Corn up 4, beans up 10 and wheat 1. I'm sure the weather is giving a boost to things today. Yesterday's non event with the FED is now out of the way. We are starting to see speculators jockeying for position in anticipation of next Friday's USDA report.
Equities are a little lower. Comments from the FED not as dovish as some had thought they would be. The 10 year yield is 2.50% and hovering around that level. There is also a non-farm payroll number next Friday so all markets will be in a defensive mode until then.
Oil still slipping to $96.46 down .31 cents. Gold is off $14.83 to $1329.74.
The dollar has strengthened a tad adding to the equity, oil and gold weakness.
Economically speaking today we get Initial Jobless claims. The economy is still sick. The FED's comments yesterday were considered to be tougher than expected. Some took that as a taper in December is still on the table. If these jobs numbers don't get better and get better fast, there is no way we taper.
