WTI is hovering around $52 as all eyes are watching API's data to gain inisght into how fast refiners are coming back on line. The previous week saw the trend of crude builds and product draws continue but last week crude actually drew down (against expectations of a build), gasoline built (against expectations of a draw and Cushing stocks rose most in 6 months.
API
CNBC's cheerleading staff had a very difficult time finding the silver lining in retail investing this morning as they relentlessly pressed Sam Zell on the value of commercial real estate. Asked to offer up his thoughts on where retail real estate is headed over the next five years, Zell highlighted the significant excess inventory in the U.S., 4-5x more per capita than Europe, and said investing in the space right now is like catching a "falling knife."
No healthcare reform, a hawkish Yellen, and dismal housing and confidence data... equity markets jump...presumably because the world did not end... but did dump into the close
Former Fortress Principal Michael Novogratz left the firm's colossal macro hedge fund almost two years ago, but has been discussing investments in virtual currencies since 2013 when he told a UBS conference...
"Put a little money in Bitcoin...Come back in a few years and it’s going to be worth a lot."
He was of course correct, Bitcoin was trading around $200 at the time and as recently as three weeks ago was worth $5000...
With Equifax shares having plunged by a third since the company announced a historic corporate cyber-breach, which released the personal records of over 143 million Americans to still unknown hackers, losing some $5 billion in market cap, today the company's CEO was the latest rat to leave the sinking ship, a move which failed to prompt a jump in the stock and was widely panned by the analyst community as indicative of further troubles ahead.