WTI/RBOB gained on the day after OPEC headlines but with disruptions still looming over much of the refining capacity in the Gulf Coast, today's API data, showing the trend of Gasoline draw (the biggest ever) and Crude build continues, sparked further gains.
API
Call it the "bearish billionaire" curse. One month ago, MarketWatch penned "7 billionaires who are worried about a stock-market correction" which listed Carl Icahn, David Tepper, Howard Marks, George Soros, Jeff Gundlach, Warren Buffett and Eliot Singer as some of the world's wealthiest people who are losing sleep over the S&P trading at all time highs.
Just keep buying iPhones 'Murica...
Nasdaq underperformed intraday thanks to APPL's disappointing move, but ripped back into the close - S&P, Dow, and Nasdaq at record highs, (even with Dow hit by MCD and AAPL)
Authored by Simon Black via SovereignMan.com,
Late yesterday afternoon the federal government of the United States announced that the national debt had finally breached the inevitable $20 trillion mark.
This was a long time coming. It should have happened back in March, except that a new debt ceiling was put in place, freezing the national debt.
For the last six months it was essentially illegal for the government to increase the debt.
Monday saw US equities ramp exuberantly on the back of a one-way street in USDJPY as the narrative proclaimed that "the world didn't end" and therefore we should buy stocks. There's just one thing...
The biggest bond ETF in the world saw the biggest inflow of funds in its history at the same time.
In fact, TLT - BlackRock's 20+ Year Treasury Bond ETF has seen no outflows for 12 days.