Submitted by Kurt Cobb via OilPrice.com,
The world's largest exporter of crude oil, the Kingdom of Saudi Arabia, recently announced a plan for its post-oil future. If a country almost synonymous with the oil economy can see the need for such a plan, how can the rest of the world, particularly the United States, the world's largest consumer of petroleum, not see the necessity of such foresight?
By EconMatters
We Review the relative short term performance of the USO ETF in tracking the Oil Futures market, and it fails miserably as a proxy for the oil market.
The main reason stocks in the steel sector are on fire today is because overnight the Commerce Department escalated its trade war with China when it implemented the latest clampdown on a glut of steel imports, when it announced that corrosion-resistant steel from China will face final U.S. anti-dumping and anti-subsidy duties of up to 450%. The final U.S. anti-dumping duties on the Chinese products replace preliminary ones of 256% issued in December 2015.
Bonds up, Stocks up... will Yellen spoil the party tomorrow?
Bonds are not buying the bullish Fed rate hike meme...
and JPY is strengthening again...
Charts: Bloomberg
Just like the ongoing fascination with $50 oil, everyone wants to know if the S&P will rise above the psychological level of 2,100 (or hit Jeff Gundlach's "all green" level of 2,200). To be sure, this comes at an awkward time for the big banks, many of whom, Goldman and JPM most notably, have recently warned that the market is either poised to drop, or that every rebound in the S&P should be actively sold (something both the smart money and retail investors have been doing aggressively and as buybacks have trickled down in recent weeks, many are wondering who is buying).