Business

Content originally published at iBankCoin.com

Most of you see WTI down 3% today and think Harvey didn't affect the oil trade -- but you're wrong. 321 crack spreads are blowing out because of damage to the refinery sector.

Gasoline is higher by 3% today -- causing 321 cracks to blow out to its largest spread in two years. This is pure profit for refineries.

Here are the refinery stocks on the move. DK has been the best performer over the past week.

Via Snake Hole Lounge blog,

The US Statutory Debt Limit, a failed tool to halt the endless growth of Federal debt issuance, is once again in play at nearly $20 trillion. It was only at $6 trillion in 2002.

The problem, of course, is runaway Fed spending which is currently at around twice that of Federal current tax receipts, requiring that the deficit be funded by issuing Federal debt (or raising taxes and/or cutting Federal spending).

Via Global Macro Monitor,

We have posted several pieces over this year noting the high correlation of gold and 10-year bond futures. See here, here and here.

We have noticed a proliferation of pundits, newsletter hawkers, and even mainstream market analysts focusing on one aspect of the bitcoin market. Big money, institutional money, public markets money, is soon to flood into bitcoin. Or so they say.

Following up on last week's story that sent grocer - and Wal-mart - stocks tumbling, when Amazon annonced it would cut Whole Foods prices as soon as Monday, Bloomberg reports that according to channel checks, "Amazon spent its first day as the owner of a brick-and-mortar grocery chain cutting prices at Whole Foods Market" by as much as 43%.

It's official pic.twitter.com/sJcCJNrt5b

— Jason Del Rey (@DelRey) August 28, 2017