Yesterday, when futures were at the lows somewhere below 2000 and just above the Fib 50 retracement, we said that "bulls may have one final trump card up their sleeve: Gartman is now actively adding to shorts."
Just hours before the FOMC sits down in the Marriner Eccles to discuss just how it will announce the first rate hike in 9 years, 7 years to the day after it cut rates to zero, it got the best gift from the BLS it could have asked for: core inflation rose precisely the amount the Fed wanted from a year ago, ot 2.0% on the dot, the highest annual core CPI increase in the past year. Why the jump? "About two-thirds of this increase is accounted for by the shelter index, which rose 3.2 percent over the span."
Oil has given up all the overnight gains as we head towards the open and algos wake up to the reality that Russia's deputy FinMin believes...
Submitted by Andy Tully via OilPrice.com,
“Lower for longer” is becoming the catch phrase of the global oil industry, as an increasing number of energy executives and government officials alike see no opportunity for prices to rebound to their levels of mid-2014.
Back in July, we asked if Olympians at the upcoming summer games in Rio would be swimming in feces. “Extreme water pollution is common in Brazil, where the majority of sewage is not treated. Raw waste runs through open-air ditches to streams and rivers that feed the Olympic water sites,” AP explained. “As a result, Olympic athletes are almost certain to come into contact with disease-causing viruses that in some tests measured up to 1.7 million times the level of what would be considered hazardous on a Southern California beach.”