OptionEye - The Cow Guy - Jan 14th
Beans rally on purchases by China. That is four days in a row. We are on a winning streak. March beans are up 2 again this morning. Corn and wheat are down 2.5.
The floor really feels like we are in purgatory as we sit here now and wait for a commodity to try to buy some acres or some decent news on weather and demand. We are listless and the options flows are telling me that. Volatility is getting softer with expectations of big moves fading fast. The shorts got blown out of the water on the last number.
The 10 year yield is at 2.85% with gold hanging around that $1250 level at $1248.70 down $4.53. Oil is up slightly at $92.16 up .36 cents. That market has some downside. I feel like $85 is in the sights.
Stocks were hurt yesterday as the bad jobs number hangover lingered. Today they are slightly higher but without any serious conviction.
Retail sales this morning to help either refute the jobs number of confirm.