Business

Gartman has done it again. From his letter as of this morning.

WTI Crude prices have puked back all the "yay we have a new Saudi Oil Minister" algo-buying gains and even with just modest strength in the USD Index, the bloodbath overnight in Chinese commodity markets appears to be spilling over. Gold and Silver are also being punished as commodity currencies collapse.

Copper clubbed in China trading but fading more as US opens. Crude gave it all back and PMs stumbling as JPY strengthens significantly

Of course, there is another factor one must weigh as to why Crude is crashing... Gartman!!

Following Donald Trump's Thursday comments that rising interest rates would be disastrous for the economy, saying that "we're paying a very low interest rate. What happens if that interest rate goes up 2, 3, 4 points?" hinting that the U.S. should "renegotiate longer-term debt" with creditors and that if the economy crashes he "can make a deal", various media outlets went to town on Trump, most notably the NYT, which took Trump to task:

Authored by Satyajit Das (Author of A Banquet of Consequences), via The Independent,

There are a number of potential triggers to a new crisis.

The first potential trigger may be equity prices.

Following this weekend's news that the massive Calgary fire, while still spreading, may soon be under control courtesy of some wet weather and favorable winds, as well as the stunner from Saudi Arabia that Ali al-Naimi was out, replaced with a puppet of the hawkish deputy drown prince Mohammed bin Sultan - a succession many saw as bearish for future oil prices - algos had refused to give up on recent momentum, and pushed WTI just why of $46/bbl overnight.