The number of US oil rigs contonues to track the lagged price of WTI (lower). For the 4th week in the last 5 (and 10th of last 12), oil rigs declined (down 8 to 729).
This is the biggest absolute rig count drop since May 2016 to the lowest total rig count since May 2017.
35-year-old Jia Chen of Citibank probably has no idea where that title quote above came from. That's because she was roughly 4 years old when Poltergeist II hit theaters back in 1986...
In the third quarter of 2017, one in which the global economy was supposedly undergoing an unprecedented "coordinated growth spurt", and in which central banks were preparing to unveil their QE tapering intentions, in the case of the ECB, or raising rates outright, at the Fed, what was really taking place was another central bank buying spree meant to boost confidence that things are now back to normal, using "money" freshly printed out of thin air, and spent to prop up risk assets around the world by recklessly buying stocks with no regard for price or cost.
Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke.
In 2008, Zimbabwe suffered the second most severe episode of hyperinflation in recorded history. The annual inflation rate peaked in November 2008, reaching 89.7 sextillion (10^23) percent (see table below).
Authored by James Rickards via The Daily Reckoning,
Market crashes often happen not when everyone is worried about them, but when no one is worried about them.
Complacency and overconfidence are good leading indicators of an overvalued market set for a correction or worse. Prominent magazine covers are notorious for declaring a boundless bull market right at the top just before a crash or correction.