Nothing to see here, move along...China commodity carnage, US data dismal, and a Fed meeting that has to err on the side of hawkishness...
The commodity carnage in China continued overnight...
Confirming The Conference Board's earlier disappointment, it appears the American public is chock-full of "cynics" and "fiction-peddlers" as Gallup reports Americans' confidence in the U.S. economy reached its lowest weekly level so far in 2016.
The latest figure represents a four-point drop from the previous week's average. The last time Gallup found a lower weekly score was in August 2015.
Yesterday, when reading through Pioneer's results we stumbled on something unexpected: not only was the company pumping more than its had previously guided, but announced it was waiting for $50/barrel to reactivate five to ten horizontal drilling rigs. To wit:
Submitted by Tim Price via SovereignMan.com,
Via Dana Lyons' Tumblr,
Does an unprecedented show of positive breadth foretell a quick end to stocks’ recent struggles?