The thundering herd of "individuals" shifted awkwardly as June came to an end...
US Economic data in Q2 was the most disappointing since Q2 2011...
June was a rollercoaster:
With Maine looking like it will be the first state to shut down heading into the new fiscal year on Saturday morning and perhaps beating Illinois to the punch, moments ago Connecticut, as previewed last night, will also enter the new fiscal year without a budget, inviting rating agencies to downgrade it to Illinois' "barely junk" rating or perhaps making CT the first US junk-rated state.
Authored by David Stockman via The Daily Reckoning,
Benjamin Franklin supposedly said, “In this world nothing can be said to be certain, except death and taxes.”
If old Ben were still around he would surely add “debt” to his famous saying. Indeed, a recent Experian study of its 220 million consumer files actually proves the case.
Last week saw US crude production decline by the most since Aug 2016 (perhaps affected by 'Cindy') and given the lagged response to WTI prices, many expected the oil rig count to drop this week. As WTI heads for its 7th up-day in a row - the longest streak in 6 months - it is supported as the US oil rig count dropped 2 to 756, the first drop in almost 6 months.
Authored by Robert Huebscher via AdvisorPerspectives.com,
Robert L. Rodriguez was the former portfolio manager of the small/mid-cap absolute-value strategy (including FPA Capital Fund, Inc.) and the absolute-fixed-income strategy (including FPA New Income, Inc.) and a former managing partner at FPA, a Los Angeles-based asset manager. He retired at the end of 2016, following more than 33 years of service.