Amid Libya headlines and contract rollover, WTI prices were wild heading into the inventory data tonight. Following two weeks of surprising builds in Gasoline inventories, API reports a surprise 3rd weekly build in gasoline inventories, and crude drawing only modestly (in line with expectations). The initial reaction was a kneejerk lower, breaking down the day's wedge.
API
Authored by Simon Black via SovereignMan.com,
In 1886 there were only 38 states in the United States.
Electric power was still cutting edge technology that few people had ever seen.
The Statue of Liberty hadn’t even been dedicated yet.
But it was that year that a man named Richard Sears founded a small retail company in Minneapolis, Minnesota that would grow into a retail juggernaut.
Sears was truly the Amazon of its day.
Seriously...
Thanks to The White House saying something de minimus about Tax Reform progress (and a little help from Boeing after Trump's warmongery), Nasdaq was the day's best-performer as The Dow had its best day in 4 months...
Authored by Kevin Muir via The Macro Tourist blog,
Yesterday, yet another Billionaire Bear issued a stark warning. This time it was Bridgewater Chief Investment Officer Ray Dalio who penned a piece comparing the current environment to 1937.
This was after an earlier in the month letter where Bridgewater warned that risks were rising, and that clients should have 5% to 10% of their portfolio in gold:
Just two weeks after he staked his reputation that "The Bull Market Has Come To An End", "world-renowned" commodity guru Dennis Gartman is getting nervous, and as he writes in his latest daily letter, "weare a bit uneasy this morning being short."
Here is how Gartman is slowly but surely pivoting away from his "red-line" bearish call on stocks: