Submitted by Guy Manno via CrushTheMarket.com,
The US economy continues to show weakening conditions as new warning signs are flashing recession ahead. This is despite the best efforts of the FED and the US Government to ensure there is plenty of measures in place to continue to stimulate the economy.
Yesterday, Bernie Sanders slammed Eli Lilly stock after the former presidential candidate and Vermont Senator asked "why has the price of Humalog insulin gone up 700% in 20 years? It's simple. The drug industry's greed", sending LLY stock to 7 month lows.
Today Bernie's vendetta with the pharma industry was in the spotlight again, when moments ago Sanders tweeted that "the business model of the drug industry is fraud. Glaxo put patients at risk to increase their profits"
Following last night's massive inventory build report from API (biggest in 8 months), DOE piled on by confirming a 14.42mm barrel build - the biggest in the 34 year history of EIA data. Cushing saw a small build but Gasoline and Distillates saw drawdowns. Crude and RBOB prices are tumbling on the news, not helped by the 3rd weekly rise in US Crude production.
API
As part of the early Podesta emails releases, much attention focused on Hillary Clinton's three Goldman Sachs transcripts, which revealed that while Hillary presents one, public, side to the general population, in private, and when compensated generously for her time and her real thoughts, she provides a materially different perspective on topics ranging from bank regulation, to the economy, to foreign diplomacy. Or, as John POdesta himself put it, Hillary's "double standard."