With OPEC behind us, perhaps the market's focus will swing back to fundamentals (as opposed to headlines) and following last week's huge build across products, API reported the second week in a row of crude inventory draws (bigger than the expected 1.37mm drop). However, Gasoline and Distillates saw major builds but Cushing inventories rose over 4mm barrels - the most since 2008. WTI seemed to focus on the crude draw at first...
"This has been a momentum-driven market rather than one driven by well-reasoned fundamental analysis... It’s amazing what pseudo-intellectual havoc can be caused by a couple hundred points bounce in the markets..."
"The decrease reflects Chinese economic downturn, which is just now beginning and will last a long time since China has passed its economic boom period in which many problems were hidden but now those problems will gradually surface."
So long as inflation remains within those bounds the Beijing Boys can stuff bad loans made to steel mills into the Great Wall Asset Management company, which is financed through a bond, bought by some bank, guaranteed by the government.
Donald Trump sold all of his shares in companies in June, according to a Trump spokesman, a move that would have raised substantial cash ahead of the presidential election and could ease concerns about potential conflicts of interest.
The Michigan Republican Party filed emergency motions with the U.S. 6th Circuit Court of Appeals early on Tuesday, seeking a stay of a federal judge's order that started a statewide presidential recount in Michigan on Monday, even as another potentially "dealbreaking" snag has emerged to Jill Stein's recount effort.
President-elect Trump's choice of Gen. James Mattis to be Defense Secretary has raised more than a few eyebrows. Not only as a military officer in a traditionally civilian position, but also as an executive in a leading defense contractor. His views on Iran are also considered extreme and not grounded in reality. Ron Paul asks "Will the mad dog be leashed?" in the following live discussion...
Ruling in its first insider-trading case in two decades, the justices unanimously said that people can be sent to prison for making trades even when the insider who provided the tip wasn’t trying to make money. The court said it’s enough if the insider gave the information as a gift.