For all the euphoria about the proposed OPEC oil production freeze deal, the reality is that nothing has been actually decided. As readers will recall, the only "decisions" agreed to between the Saudi and Russian oil ministers were to cap production at already record high levels of output, however contingent on everyone else voluntarily joining said production cap.
Moments ago the world's largest retailer by workers (if not by market cap any more courtesy of AMZN), reported non-GAAP earnings which at $1.49/share in Q4 beat expectations of $1.46 (GAAP missed at $1.43 but let's ignore that). The company also announced that comp sales at Walmart U.S. were positive for the fifth consecutive quarter, up 1.5% with traffic increasing 1.7%.
Just when traders thought that the biggest and most violent 3-day short squeeze in 7 years was about to end...
... a squeeze that has resulted in 3 consecutive 1%+ sessions for the S&P for the first time since October 2011, overnight we got one of the Fed's biggest faux-hakws, St. Louis Fed's Jim Bullard, who said that it would be "unwise" to continue hiking rates at this moment, and hinted that "if needed", the most natural option for the Fed going forward would be to do further Q.E.
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Collapse Of The Paper Gold & Silver Market May Be Close At Hand
Posted with permission and written by Steve St. Angelo, SRSrocco (CLICK FOR ORIGINAL)