Following yesterday's torrid 2.4% March opening rally, which resulted in the biggest S&P gain since January and the best first day of March in history on what was initially seen as very bad news, and then reinterpreted as great news, overnight futures have taken a breather, and erased a modest overnight continuation rally to track the price of oil lower.
Once upon a time it was anathema the publicly proclaim two things: i) that central banks manipulate and intervene in the markets and that ii) the market is rigged. Ever since this website was launched 7 years ago and made the proof of these two claims its mission, it was branded as a collection of "tinfoil hat conspiracy theorists" by either the most incompetent, most corrupt or most clueless cores of what passes for financial media and capital markets participants (with either real or virtual money).
As Nate Hagens noted, "people think that the economy runs on money but it runs on energy," and as Art Berman details in the following interview how the current oil price collapse represents devaluation from over-investment in unconventional oil - and most commodities - because of cheap capital, and is simply a classic bubble.
By EconMatters
If the EIA report matches API tomorrow there should be some weakness in the Oil Markets on Wednesday. API reported large builds in Cushing, Oil Inventories and Distillates - a rather bearish report overall.
https://www.youtube.com/watch?v=18fiBzjR6iY
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