And the CapEx hits just keep on coming.
Two weeks after Goldman reported something troubling, namely that there is a massive gap of nearly 20% between sellside CapEx estimate for what US oil companies will spend on CapEx and what implied guidance suggests as shown in the table below...
Following yesterday's torrid 2.4% March opening rally, which resulted in the biggest S&P gain since January and the best first day of March in history on what was initially seen as very bad news, and then reinterpreted as great news, overnight futures have taken a breather, and erased a modest overnight continuation rally to track the price of oil lower.
Authored by Brett Redmayne-Titley via ActivistPost.com,
“Tolerance and apathy are the last virtues of a dying society.” – Aristotle
it was just last Friday, when roughly at the same time that Dennis Gartman flipflopped to bullish (just as the rally stalled, and just before turning bearish again ahead of today's torrid rally) we reported that in what came as a surprise to us, that just as Jeff Gundlach was warning about the impending failure of central banks, the lack of a "bullish case for oil", about a bear market for stocks, and about an imminent surge in gold in early February, the DoubleLine manager was buying stocks.