One day after Trump slammed Canada with a lumber tariff, somehow managing to send lumber future prices limit down on the CME, he is faced with another, far more credible crisis: the terrible guidance just released by US Steel in particular, and the fate of the US Steel industry - and China's adverse impact - in general.
After dropping to a $48 handle, WTI bounced off its 200DMA, but remains well down from last week's levels before the DOE-reported surprise gasoline build. The initial kneejerk reaction lower in WTI/RBOB after API reported an unexpected crude build and yuuge gasoline build.
“On the same day that some southern states were honoring their rebel heritage, masked workers in New Orleans dismantled a monument to that past - chunk by chunk, under darkness and the protection of police snipers.”
"There is no doubt that the market can grind higher to more dizzying valuations. However, there is also strong historical evidence that this market will normalize to average valuations. In the wisdom of Bernard Baruch, there are times when you “make your money” by not losing it. Perhaps more importantly, you preserve the ability to buy when better opportunities present themselves. "
"The bulls explain that traditional valuation metrics no longer apply to certain stocks. The longs are confident that everyone else who holds these stocks understands the dynamic and won’t sell either. With holders reluctant to sell, the stocks can only go up – seemingly to infinity and beyond. We have seen this before. It’s painful for the shorts, as the TSLA CEO has been happy to remind everyone via Twitter."
Neil deGrasse Tyson has released a new video to call out the obstinate, ignorant voters who deny what many regard as certain truths handed to them by a body of elite, trustworthy scientists. Yet Tyson and the marchers border on an equally dangerous view: scientism.
Bitcoin is up 8 days in a row, pushing back above gold, shaking off its 'fork' concerns and testing towards $1300 today as the SEC announces that it intends to review its decision to reject a bitcoin ETF proposed by the Winklevoss twins.
With the barnburner rally in equities today, the just concluded TSY auction of $26 billion in 2Y paper could have been excused if it disappointed. It did not, in fact it may have been the strongest 2Y auction in years with some truly blistering results.
Alberta Premier Rachel Notley warned U.S. President Donald Trump that he would face the wrath of the northern nation’s many allies if the freshman president begins employing energy trade restrictions with Canada.
With officials calling Saudi deputy crown prince bin Salman's $2 trillion estimate of Saudi Aramco valuation as "unrealistic and mind blowing," OilPrice.com's Cyril Widdershoven notes the primary discussion taking place is the overall level of transparency offered by Aramco’s leadership, which is supported by the Saudi government.
What may be the most controversial annual shareholder meeting in Wells Fargo history, in which the board is seeking re-election after last year's misselling scandal, devolved into a screaming match on Tuesday morning and was briefly halted following interruptions by angry shareholders as the bank's chairman and chief executive tried to calm nerves ahead of a vote that could oust the majority of its board.