Business

The market has gone absolutely nowhere for 15 weeks now.

That is not a typo, nor am I bearing overly negative. Since the end of February, when President Trump last tweeted that he had big plans for the economy, the S&P 500 is up a total of just 1.6% or roughly 39 points.

And THIS is the raging bull market that everyone is so crazy about? A market in which it took almost FOUR months for stocks to eek out a 1.6% gain?

Meanwhile against this backdrop of unhinged bullishness, the credit markets are flashing MAJOR warning signals.

Authored by Nick Cunningham via OilPrice.com,

Oil prices have cratered in recent weeks, dipping to their lowest levels in more than seven months and any sense of optimism has almost entirely disappeared. All signs point to a period of “lower for longer” for oil prices, a refrain that is all too familiar to those in the industry.

WTI dipped below $44 per barrel on Tuesday, and the bearish indicators are starting to pile up.

There has been a distinct shift in sentiment when it comes to oil this morning: after plunging 22% from its February highs, many commentators are suggesting that the bottom is finally in and that it is time to turn "contrarian."

One among them is GS Banque's Loic Schmid, who posits three ideas on why oil is weaker:

• European stock markets stumble as oil languishes near lows (Reuters)
• Some Trump Aides Want a New Leader at the Fed (BBG)
• Goal of Saudi Shake-Up: Drag Country Into the Modern Era (WSJ)
• Under fire in Washington, Trump back in campaign mode in Iowa (Reuters)
• Revenue Slides at Some Trump Businesses, but Vegas Tower Brings Windfall (WSJ)
• Trump, new Saudi crown prince share hardline views on Iran but risks abound (Reuters)
• Canada’s Plan for Managing Trump: Go Around Him (NYT)

US equity futures were marginally in the red, while Asian markets rose and European stocks dropped. WTI oil rose 0.6% to $42.79 as some suggest the time to go long has arrived; oil tumbled 2.3% in the previous session. The Bloomberg Dollar Spot Index fell 0.1 percent.

Here are the main market developments while you were sleeping.