So a done deal became "hope for a deal" for a freeze at record production levels amid The IMF slashing global growth (and thus demand) expectations... and this happened...NOTE - all momentum faded when NYMEX closed
Your annotated day...
Kinda makes you wonder...
Something ugly this way comes. As we noted last week, despite proclamations that any weakness in US spending or economic data is merely seasonal or transitory, BofA's credit and debit card spending data revealed that sales were notably weak. Today we get further confirmation of what Retail ETF investors have been seeing for a while as Johnson-Redbook reported a 2.8% plunge in Same-Store-Sales - the worst start to an April since 2005.
When BofA's Michael Hartnett releases his monthly Fund Managers' Survey, the one chart we always focus on is the one showing what the "smart money" investors, aka those polled clients who make up the survey (and the same ones who we reported earlier have been selling this bear market rally for the eleven consecutive weeks) are most worried about, or as they put it: what are the biggest "tail risks."
Below we share a quick summary of the responses for every month of 2016, revealing what investors thought were the biggest tail risks in every month of 2016.
Submitted by Lance Roberts via RealInvestmentAdvice.com,
As the trumpets sound to signal the start of earnings season, the battle between fundamentals and “hope” begins. Despite weakening earnings, which on an as reported basis are far worse than the rather manipulated “operating” levels currently suggest, the bulls have remained steadfast in their belief that prices are on a one-way trip higher.
Moments ago the Fed's RRP operation totaled only $18.7 bln, the lowest level of participation since December 19, 2013 when the maximum bid per counterparty was only $1 bln compared to $30 bid since September 2014. In other words, program participants took only $18.7 billion worth of Treasury securities from the Fed, just months after the Fed expanded the reverse repo program to account for potentially hundreds of billions in reverse repo demand after the Fed's 25 bps rate hike.