Well that did not last long...
* * *
The bounce off a $47 handle on Friday in WTI was fading fast again this morning...
following news that money managers cut their bullish Brent and WTI oil bets by 154,871 to a net-long position of 699,209 contracts - the biggest decline on record.
While the drop was large, net longs remain extreme suggesting the long squeeze has more to go...
Which of course OPEC had to try and jawbone away...
CEO pay increases took a brief pause in 2015 dropping to a paltry median of just $10.8 million with most getting a pay cut or a raise of less than 1.5%. But, as the Wall Street Journal points out this morning, the CEO's of America can once again rest assured that their families will not starve to death as 2016 pay soared nearly 7% setting a post-recession record.
Authored by Mohamed El-Erian via Project Syndicate,
Financial markets seem convinced that the recent surge in business and consumer confidence in the US economy will soon be reflected in “hard” data, such as GDP growth, business investment, consumption, and wages. But economists and policymakers are not so sure. Whether their doubts are vindicated will matter for both the United States and the world economy.
David Rockefeller, the famous banker and philanthropist with the family name that controlled Chase Manhattan bank for more than a decade and wielded vast influence around the world in the world of finance, has died on Monday morning at his home in Pocantico Hills, N.Y. He was 101.
A family spokesman, Fraser P. Seitel, confirmed the death.
Below is an exccerpt of his obituary from the NYT:
Following bearish reports from Goldman (which tactically downgraded stocks to Neutral for the next three months just hours before the Fed rate hike), RBC and JPM's head quant Marko Kolanovic over the past week, overnight Credit Suisse decided to take the other side of the trade and hiked its year end forecasts for the S&P500, and pretty much every other risk asset, noting that it is happy to "climb the wall of worry", and prefers equities to bonds.