The allegation – now accepted as incontrovertible fact by the “mainstream” media – that the Russian intelligence services hacked the Democratic National Committee (and John Podesta’s emails) in an effort to help Donald Trump get elected recently suffered a blow from which it may not recover.
Ally Financial CEO: "We have seen some additional deterioration in the first quarter...Consumer losses have been drifting higher, and most notably in lower credit tiers...Used vehicle prices continue to decline...We've seen manufacturer incentive levels creep up, so we're watching that closely."
Newsmax CEO: "I spoke with the President twice yesterday about the wiretap story. I haven’t seen him this pissed off in a long time. When I mentioned Obama “denials” about the wiretaps, he shot back: “This will be investigated, it will all come out. I will be proven right."
Falling used car prices have already started to take their toll with Ford shaving $300 million from its financial-services arm’s profit forecast for this year but is Ford just the "canary in the coal mine?"
"Markets don’t have a purpose any more - they just reflect whatever central planners want them to. Why wouldn’t it lead to the biggest collapse? My strategy doesn’t require that I’m right about the likelihood of that scenario. Logic dictates to me that it’s inevitable..."
With OPEC headlines driving every tick today (and machines seemingly going to sleep late on), we suspected tonight's API inventory data would be a non-event and the reaction was indeed muted as crude inventories drewdown 717k barrels (against expectations of a 577k build). The bigger deal was much more than expected builds at Cushing (biggest build since March 2015) and also notable builds in Gasoline and Distillates.
Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss.