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Atlanta Fed Stuns Everyone, Revises GDP Higher Despite Retail Sales, Inventory Miss

Following today's triple whammy of economic misses, in which first retail sales both declined and missed expectations, and then both business inventories and sales declined and missed from downward revised numbers, AtlantaFed watchers were certain that the keeper of the GDP Nowcast would cut its GDP estimate from 0.1% to zero or even negative.

Algos Run Oil Stops After Seeing Word "Doha" In Latest Set Of OPEC Headlines

Tuesday oil humor extends to Wednesday as WTI Crude algos key off yet another Doha headline and spike stops above yesterday's highs.

Recall what we, jokingly, said several days ago - all it takes to push oil higher is for the word "Doha" to appear in an OPEC related headline.

Gartman: "Share Prices Have Exploded Upward But We’ll Not Likely Become Net Long"

Almost one month ago, when the market was well lower and the VIX was quite a bit higher, we shared some "Bad News For The Bears: Gartman Will Be Long VIX Until The S&P Hits 2,118" which led us to conclude "Gartman has basically doomed the market to soar back to its all time highs. Sorry bears."

We were curious how Gartman is faring during this latest dramatic rout to his bearish stance. Here is what he said in his latest report:

Crude Extends Losses After Bigger Than Expected Inventory Build Trumps Production Slowdown

Crude Extends Losses After Bigger Than Expected Inventory Build Trumps Production Slowdown

After a significant draw the previous week, API reported a large 6.22mm build overnight, now confirmed by DOE with a 6.63mm build. Cushing was expected to see a considerable draw due to the outage at TransCanada's Keystone crude pipeline outage and was almost triple expectations (-1.76mm vs -610k exp). A larger than expected draw in gasoline inventories and build in Distillates was also evident as Production data fell for the 11th week of the last 12 to the lowest since Oct 2014. Oil prices are tumbling...

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