In what was shaping up to be a low-volume snoozer of a day, things changed dramatically at 10:30am when the DOE confirmed last night's API data according to which US crude inventories had their biggest weekly decline since January even as distillates and gasoline stocks rose. That headline sent WTI soaring by 5.4%, the most since March 16.
Via Dana Lyons' Tumblr,
Despite positive action in the major averages, market breadth has very recently begun to lag.
Gold Prices Rise 16% In Q1 – Best Quarter In 30 Years
“The Greatest Crash Of Your Life Is Just Ahead…” – Harry Dent Warns
Harry Dent, best-selling author and economist, has warned that the stock bubble in the U.S. today is the biggest in history and that the “greatest crash of your life is just ahead…”
Writing on his website EconomyandMarkets.com, Dent warned that
After the recent sharp spike higher in the S&P which has pushed it 150 points off its lows, the market may be down 3% since the beginning of the year. However, while many have blamed the 2016 selloff and subsequent rebound on central bank policy confusion, what many are forgetting is that a key factor pushing stocks lower are corporate earnings. And, as JPM reminds us, even with stocks 3% lower for the year, the overall market is more expensive now than it was at the start of the year.