It appears the "excuse" for today's panic-buying spree in crude - a refineries strike in Kuwait affecting supply - has just been demolished:

• KUWAIT OIL CO. SAYS OUTPUT FROM NORTHERN FIELDS BACK TO NORMAL

Now what excuse will there be? Especially as Venezuela confirms production will not slow.

Over the weekend, Deutsche Bank's cheerful house bull, equity strategist David Bianco (not to be confused with DB's brand new bear, chief economist Joe Lavorgna), released a note explaining why one should ignore everything that does not fit a bullish narrative, and explained that he expects the S&P to hit 2,500 by 2018 (with one warning: "We think the S&P 500 can reach 2500 before suffering a 20%+ bear market decline. However, the next bear market could erase all further gains from this cycle. This is a significant risk when EPS growth is slow and yet the PE is above average.")

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