Amsterdam | As the financial world happily fixates on who will be the next Fed Chairman, I am in Europe celebrating the 30th anniversary of Black Friday, October 19, 1987. Three decades ago, I was on a trading desk at Bear, Stearns & Co in London along with David, Joey, Gregory, Peter and Paul, among others. We had just finished a remarkable four year run, but the party was over.
Following API's huge 7.1mm barrel crude draw overnight, WTI prices are slightly higher (driven more by OPEC jawboning) as last week's API errors are still on traders' minds, but DOE confirmed a big crude draw but notable builds in gasoline and distillates surprised. However, the biggest headline is likely the 11%-plus collapse in US crude production...
API
In the past few week’s we’ve highlighted some assets and indicators that point to a stable/improving economy: Copper prices, firmer interest rates, etc. Time to add one more to the list: rising steel prices.
Today we’ll look at a chart of the VanEck Vectors Steel ETF (NYSEARCA:SLX).
After soaring to new record highs near $6000 last week (as China returned to work following its Golden Week holiday), the start of the National Congress last night, combined with CFTC comments on ICO crackdowns has spooked cryptocurrencies with Bitcoin down 8% - its biggest drop in a month..
Crytpos are down across the board...
With Bitcon back to a $5100 handle...
Authored by Lance Roberts via RealInvestmentAdvice.com,