Crude Dumps'n'Pumps Despite Massive Inventory Builds, Biggest Jump In Production In 20 Months

After last week's massive product builds (and crude draw), API suggested additional builds ahead of DOE data which confirmed even bigger than expected builds in Crude, Gasoline, and Distillates. WTI gapped lower on the print then accelerated lower as US crude production rose by the most since May 2015. Then the algos decided it was time to rip oil prices higher (perhaps on indications of stronger demand)...

McCain Admits He Gave Dossier Containing "Sensitive Information" On Trump To The FBI

"Late last year, I received sensitive information that has since been made public. Upon examination of the contents, and unable to make a judgment about their accuracy, I delivered the information to the director of the FBI. That has been the extent of my contact with the FBI or any other government agency regarding this issue."

Tom DeMark Says Put Your "Dow 20,000" Hats Away

"We’ve been confident the last three weeks we would not break 20,000... it’s so unanimous, it’s almost as if the election were being replayed within the market. Everyone’s confident the market’s going to break 20,000. If it does break, it may go quite a bit higher. But I don’t think it’s going to happen.”

Rex Tillerson Confirmation Hearing: Live Webcast

Tillerson's confirmation hearing, in which the former Exxon CEO will seek to distance himself from Putin and say that Russia "must be held accountable for its actions" adding that "Russia today poses a danger, but it is not unpredictable in advancing its own interests." begins at 9am Eastern, and can be watched below.

Trader Warns - Treat The Trump Presser Like A Trending Market

In a few short hours we’ll be treated to the President-Elect’s much-anticipated first press conference. We're not sure there’s been a more eagerly awaited event of its kind in memory. As Bloomberg's Richard Breslow notes, global markets (ex-Mexico and Turkey) have ground to a halt. You can cut the anticipation with a knife. Will the powerful trends we’ve seen for the last two months continue? Or reverse with a vengeance? All will be revealed.

Arrest Of Russian Hacker Calls Attention To Unfinished Business In Prague

Yevgeniy Nikulin, a Russian hacker wanted in the U.S. for hacking private firms, was arrested in Prague last October. The U.S. has requested his extradition, suspecting he has information on Russian government hacking. With Russian hackers so much in the news, there will be close attention to this case, but Prague denied an even more serious extradition request last year, causing serious damage to American interests.

Frontrunning: January 11

  • Russia likely main topic in Trump's first news conference since election (Reuters)
  • Russia Denies Report It Has Compromising Material on Trump (BBG)
  • For Russia, U.S. election meddling claims strip Trump win of luster (Reuters)
  • Obama Urges Unity in Farewell Speech (WSJ)
  • 1930s-like Demographic Pressures Holding Back U.S. Economy (BBG)

World Faces Rising Risk Of Conflict: US Intel Report Admits "Era Of American Dominance Drawing To A Close"

"It will be much harder to cooperate internationally and govern in ways publics expect... It will be tempting [for US leaders] to impose order on this apparent chaos, but that ultimately would be too costly in the short run and would fail in the long run...For better or worse, the emerging global landscape is drawing to a close an era of American dominance following the Cold War."

Who Will Trump Pick As Next Fed Chair?

Reinhart discusses possible Federal Reserve appointments under a Trump administration. The front-runner, in his opinion, seems to be John Taylor...

The Well-Reasoned Basis Of Populism

The rise of populism isn’t the politics of rejecting experts, it is the rejection of these “experts” – who quite frankly deserve more than voter disdain. Credentials have come to be seen by a very large and growing proportion of the global population to declare incompetence, having nothing at all to do with intellectual capacity apart from objectivity. It isn’t the denial of reasoned argument but rather the logical end of it.

UK Labour Leader Slammed For "Totally Idiotic" Salary Cap Plan

UK Labour Party leader Jeremy Corbyn has a brilliant idea to 'fix' the supposed income-inequality problem - impose a maximum limit on how much people can earn in Britain. This proposal was immediately met by derision by economists and leaders as "incoherent", "it doesn't make any economic sense at all, and "totally idiotic" - all of which are completely correct.