Excerpted from John Hussman's Weekly Market Comment,
For context, John offers a brief history lesson for the goldfish-like memories of Wall-Street-wannabes and head-in-sand home-gamers who have forgotten what it was like in 2000 and 2007...
It appears the market's attitude today was simple..,
Summarizing today:
Nasdaq 100 futures jumped 0.8% after Apple surged to record highs following a strong beat and optimistic projections ahead of the launch of the company's new batch of iPhones. Eminis are little changed, up 0.1% to 2,475, trailing Asian markets, while European stocks and crude oil fall.
July was a great month for virtually all asset classes (at least those tracked by Deutsche Bank) with the notable exception of what, which tumbled after surging previously.
Extending losses from Goldman's overnight report noting the minimal impact of Venezuelan sanctions, WTI crude just crashed below $49 on heavy volume after Bloomberg reports that a survey suggests that OPEC's July oil output rose by 210K to 32.87mmb/d, led by growth in Libya who upped production by 180Kb/d to the highest since June 2013.
The recovery of crude production from Libya is undermining OPEC’s efforts to curb its output as the African nation pumps unabated.