WTI crude prices are unimpresed at the rig count data today (after spiking off the dismal jobs data). Total rig count fell 5 to 415 - a new record low while oil rigs fell 4 to 328, tracking lagged oil prices to their nadir.
19th weekly decline of the 20 weeks in 2016... will it change as laged oil prices pick up?
With the total count continuing to crash to new record lows...
Submitted by Pater Tenebrarum via Acting-Man.com,
Tax Receipts vs. the Stock Market
Following the US Treasury’s update of April tax receipts, our friend Mac mailed us a few charts showing the trend in corporate tax payments. Not surprisingly, corporate tax payments and refunds mirror the many signs of a slowing economy that have recently emerged. An overview in chart form follows below. First up, corporate tax receipts in absolute figures.
By EconMatters
No Parking Sign Means NO Parking
One of my friends in Houston Texas recently had a run-in with a driver of a company called NeighborFavor Inc. d/b/a Favor Delivery.
With Obama yet again on TV, taking credit for the Fed's reflation of the stock market as somehow indicative of an economic "recovery" ("fiction peddlers" not allowed in the crowd), here is another way of showing the unprecedented transformation in the US labor pool: since December 2014, the US has added just under 450,000 waiters and bartenders, and no manufacturing workers.
Behold: "Obama's recovery."
Buy Gold, ‘Get Out Of The Stock Market’ Warns Druckenmiller
Buy gold and ‘get out of the stock market’, legendary billionaire investor, advised investors at an investment conference in New York this week.
Druckenmiller, who has one of the best long-term track records in money management, said the stock market bull market has “exhausted itself” and that gold “remains our largest currency allocation.”