Jeff Bezos and Bill Gates vying for the world's richest man title...
Did Trump just shove another NATO leader to be in the front of the group? pic.twitter.com/bL1r2auELd
— Steve Kopack (@SteveKopack) May 25, 2017
Today's biggest story outside of AMZN $1000, was OPEC's epic fail... OPEC announced a 9-month extension of its production cuts that have not worked. The market was disappointed...WTI saw its biggest down day since Feb 2016
And so the jawboning began...
- *OPEC CONSENSUS THAT OIL PRICE SHOULD BE $50-$60/BBL: KACHIKWU
- *RUSSIA'S NOVAK SEES OIL PRICE AVERAGE AT $55-$60 IN 2017
- *NOVAK SAYS NOT `MUCH CONCERNED' OVER TODAY'S OIL-PRICE FALL
- *NOVAK: OPEC/NON-OPEC COOPERATION TO CONTINUE
- *OIL MKT RESPONSE TO OPEC DECISION WAS SURPRISING: IRAN MINISTER
- *OIL PRICE DROP BASED ON SPECULATION, NOT FUNDAMENTALS: IRAN
- *FALIH DOESN'T BELIEVE THERE'S CONFRONTATION BETWEEN OPEC, SHALE
- *FALIH HOPES U.S. SHALE PRODUCERS WILL `MODERATE' THEIR GROWTH
- *AL-FALIH: LONG-TERM TREND FOR OIL DEMAND `VERY HEALTHY'
- *FALIH: IF FUNDAMENTALS REQUIRE ANOTHER EXTENSION, `WE ARE OPEN'
- *AL-FALIH: 6 MONTHS `TECHNICALLY' WOULD BE ENOUGH TO REBALANCE
- *OPEC WILL DECIDE IF MORE ACTION NEEDED IN NOVEMBER: NIGERIA
Bitcoin was insane today with a $1300 roundtrip in price... a $400 ramp overnight on South Korean demand, sudden $600 collapse, and then $400 rebound to leave Bitcoin up for the 28th day of the last 30!
Trannies outperformed on the day, as S&P and Nasdaq hit intraday record highs...Small Caps ended flat...
Trannies pushed higher today but Small Caps remain the laggard post the Trump-Dump - NOTE the market has only risen on knee-jerk moves with no trending in between...
Volume remains minimal at best...6th up day in a row - longest streak since mid-Feb
VIX held steady with a 9-handle until the close and limped to 10 and higher on the day... as S&P hit a new record high...
Short-Term VIX slipped to a 7-handle - a record low intraday...
Amazon (and Netflix) traded to record highs with Bezos' bubble hitting $999.00 for the first time ever...as EPS expectations for 2017, 2018, and 2019 have slumped...
Treasuries were unchanged today (long-end was marginally lower in yield, outperforming)...
30Y remains well below 3.00%
The Dollar Index reversed some of yesterday's losses, rallying once Europe opened...
Pushing the dollar index back to unchanged on the week...
Gold and Silver managed gains on the day - holding above pre-FOMC Minutes levels
Bonus Chart: Nasdaq Record Highs because of fun-durr-mentals...