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Just 3 Things

Record levels denote the point that previously marked the end of a cycle, not the beginning of a new one. This point is often missed by the mainstream media. Record highs of anything, whether it is economic, fundamental or financial data, are warnings signs of late stage events.

Crude Declines As OPEC Deal Doubts Emerge; Futures Roll Over

After oil soared over 5% yesterday, its biggest jump since April, overnight skepticism and doubts have emerged about the viability and compliance with the deal, coupled with a boost in production by non-OPEC producers, and as a result WTI has dipped back under $47, down 0.5%, suggesting that the OPEC surge may be short-lived, and modestly pressuring US equity futures.

Oil Oscillates As Production Drops; RBOB Plunges After Biggest Gasoline Build In 4 Months

Following the surprising across-the-board inventory draws report by API overnight, DOE confirmed crude's overall draw (-1.88mm bartrels vs +3mm exp). However, gasoline saw the biggest build in 4 months (as distillates saw the biggest draw in almost 2 months). Crude production dropped very modestly on the week but remains stuck around 8.5mm barrels. Oil prices popped then dropped and remain lower for now...

"There's A Real Problem Here" - Did Fed's Plosser Just Admit Trump Is Right About Yellen?

Central bankers "wring their hands all the time," Plosser noted that The Fed was very "concerned about credibility," and was "pretty good at conjuring up reasons not to act." His mutinous discussion then concluded, sounding very Trumpian, by noting that The Fed "shouldn't be afraid a recession might come," exclaiming "there's a real problem here" with The Fed.

Futures Fail To Rebound As Deutsche Bank Tries To Comfort Markets That It Is "Fine"

After yesterday's "Hillary rally" in the US, the overnight's session has seen more risk-on sentiment as European stocks advanced, ignoring weakness in Asia as investors followed every twist of shares of beleaguered lender Deutsche Bank, whose CEO last night assured Bill readers that the bank is not seeking a bailout, which however was contradicted by a Zeit article this morning reporting that Germany may seek as much as s 25% "bailout" stake in a worst case scenario.

Crude Chaos Strikes: Saudis Admit "No Deal" But "Hopeful" For November

Having failed completely to consumate a freeze deal in Algiers, the Saudi oil minister throws out a bone of hope to crude bulls that November's OPEC meeting may see a freeze deal. Crude is testing its lows of the day but bouncing around like Hillary's eyes as the minister desperately tries to keep the dream alive.