United States

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

All this is to suggest that those expecting a major weakening in the USD to push oil higher shouldn't hold their breath awaiting this outcome.

• Angry White Males Propel Donald Trump—and Bernie Sanders (WSJ)
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• Fed Likely to Stand Pat on Rates, Keep Options Open for April or June (Hilsenrath)
• Draghi Stimulus Fails in Stock Market as Swings Match 2008 (BBG)
• Sabine Oil wins pipeline ruling in a blow to pipeline operators (Reuters)
• U.S. Officials Propose Test Program Aimed at Lowering Medicare Drug Costs (WSJ)
• Death of a Shale Man: The Final Days of Aubrey McClendon (BBG)

After yesterday's last hour selloff sent the S&P to the very edge of the critical support trendline which, as shown yesterday, meant 1980 had to be defended at all costs...

... so far the support has held, and in overnight trading European stocks have managed to rebound on the back of more levitation in oil, while US equity futures have ignored a drop in the USDJPY which touched 112.20 in morning trading, and have jumped by 0.5% as of this moment, up 10 points to 1,990.

I am convinced that the most advantageous situation and the best possible laws cannot maintain a constitution in spite of the manners of a country; whilst the latter may turn to some advantage the most unfavorable positions and the worst laws. The importance of manners is a common truth to which study and experience incessantly direct our attention. It may be regarded as a central point in the range of observation, and the common termination of all my inquiries.

Via EvergreenGavekal.com,

“The areas of consensus shift unbelievably fast; the bubbles of certainty are constantly exploding.”

– REM KOOLHAS, RENOWNED DUTCH ARCHITECT AND HARVARD UNIVERSITY PROFESSOR

SUMMARY