Business

Earlier today, when Reuters quoted "sources" that OPEC may consider a new oil output ceiling, a recurring headline meant simply to spark algo-driven buying (which it did), we said that the "most likely next step: a denial from other "sources." That is precisely what happened moments ago when with hours until the OPEC meeting in Vienna, the UAE oil minister Suhail bin Mohammed al-Mazroui repeated what he has said only yesterday when he said he was happy with the oil market, and confirmed there will be no unanimous oil freeze.

As if by magic, a boring Beige Book was all the algos needed to slam VIX and lift stocks to the magical unicorn level of 2,100 for the S&P 500... Because why not dump protection ahead of OPEC, ECB, and Payrolls - makes perfect sense really...Sadly, the machines just couldn;' hold it there for the close

Simply put, today's ubiquitous V-shape recovery in stocks is yet another example of the only way to win...

For a country that prides itself (or used to at least) on the success of the entrepreneur and small business creation, a disturbing trend has developed. According to according to a new analysis by the Economic Innovation Group, fewer new businesses were created in the last five years than any other period since at least 1980.

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

Flexible labor is the future for the basic reason that it is the only viable model going forward.

If we can't go forward, then let's go back: this is the guiding philosophy of the labor movement that seeks security via strict work rules. The premise here is simple: employers could provide their employees with secure employment if only they weren't so greedy.

The Beige Book offered its ubiquitous modest, moderate, mummified growth outlook but added a few points that provide The Fed more ammo for hiking rates.

The key higlights from the report: