Business

OPEC’s progress in reducing the oversupply in global oil markets relied on contributions from Nigeria and Libya in March, two countries that are exempt from the group’s deal to rein in production.

The Organization of Petroleum Exporting Countries pumped 32.095 million barrels a day, down 200,000 a day from February, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Supply from Nigeria and Libya dropped by a combined 210,000 barrels a day to 1.55 million and 620,000 a day, respectively.

Both VIX (equity protection) and CDX (credit protection) decoupled notably from equity indices late last week and today it appears investors are catching on today...

In addition to Amazon hitting its now daily all time high, today the tech online retail that recently made Jeff Bezos that second richest man in the world was joined by Tesla, whose shares just hit a new all time high above $292, surging over 5% on the day, following Sunday's report that first-quarter vehicle deliveries jumped 69% from a year ago to a quarterly record of 25,000 vehicles, bouncing back from delays in the previous quarter.

Just as we warned was historical precedent, it appears the hope and hype in 'soft' survey data is catching back down to 'hard' data's reality.

Markit's US Manufacturing PMI printed a disappinting 53.3 for March (final) - the lowest since September - as New Orders tumbled and input costs soared to 30 month highs.

Most are familiar with the idea of “Sell in May and go away.” Should one take this advice and sell a month earlier this year?

The chart below is from good friend Ryan Detrick, looking at monthly returns of the S&P 500’s performance, over four different time frames.

CLICK ON CHART TO ENLARGE