Seriously!!!! That Close!!!
http://www.youtube.com/watch?v=FsqJFIJ5lLs
Your day in the "market"...
The "stable" oil market...
Following yesterday's noisy drop, today was the echo with a noisy choppy low volume rally as Oil sparked the momentum in the pre-open, but stocks decoupled lower from both JPY and Oil (smashed lower on weak wholesale trade data and a realization that US crude production rose)...
Via ConvergEx's Nick Colas,
Today we engage in a simple thought experiment: what 3 pieces of information would you need to confidently call the 2016 end-of-year level on the S&P 500?
A brief survey of senior Convergex traders yielded this list: year-end worldwide central bank rates, Chinese GDP growth in 2016, actual 2016 US corporate earnings, the winner of the U.S. presidential race, and the pace of increases in the Fed Funds rate for the year.
One week ago, when looking at the latest BofA client flow trend monitor, we noticed something strange: despite the S&P's surge higher due to either a record short squeeze or because it is merely another bear market rally, the smart money was selling.
Even as US crude oil inventories just hit a fresh record high for another week, both in Cushing and across all other regions, a more curious accumulation of excess oil inventory has emerged: according to the IEA, global oil production exceeded consumption by just over 1 billion barrels in 2014 and 2015.
Submitted by Jeffrey Snider via Alhambra Investment Partners,