Tech stocks lead the markets lower today as the ten year interest rate is 3.25%, a high we have not seen since 2011. The two year interest rate has not been this high since 2008! The pace of interest rate increases is what fund managers are really concerned about. I think a lot of the big money managers are caught off guard and not hedged enough in the market. If they are following the old hedge fund play book, they should be selling the emini S&P futures against their long positions.
Crude Oil will also be lower on the stock market decline. Natural Gas has bullish fundamentals and we think that market will hold up. Hogs are range bound but we see cause for concern in the Cattle contracts. Finally, we go over our WASDE expectations for Oct 11 and what to look for with corn, soybeans and wheat.
While the podcast does not have specific actionable trading recommendations, we do publish them in Turner’s Take Market Alert for spec traders and Turner’s Take Ag Marketing for hedgers. Want to know what to look for in the commodity futures markets? Take a listen to Turner’s Take podcast!
Craig Turner – Commodity Futures Broker
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