Total chaos reigns as equity market "participants" flip from manic-sellers (IMF un-growth and Italian sbank bailout failure) to panic-buyers after the following headline hits Bloomberg:
- SAUDI ARABIA, RUSSIA REACH CONSENSUS ON OIL FREEZE: INTERFAX
- *INTERFAX SAYS SAUDIS TO DECIDE ON OIL FREEZE REGARDLESS OF IRAN
- *INTERFAX CITES UNIDENTIFIED PERSON ON RUSSIA, SAUDI CONSENSUS
The nitial surge reaction...
Just a day after Algeria said Russia would not agree.
And the funniest thing about all of this farce is that if this headline proves true it is merely the original agreement - in principal - but with both Saudi Arabia and Russia now producing at new record highs.