Crude Lifts After Rising Oil Rig Count Trend Ends

After Yellen, Saudi-Yemen, and Fischer headlines roundtripped crude prices for the day, Baker Hughes' oil rig count was unchanged for the week at 406 (ending 8 straight weeks of rises). Crude prices are rising modestly on the news...

Heading Down The J-Hole: "The Fed Isn't Hawkish"

The Fed isn’t hawkish. Beyond the consistent headlines talking up an imminent Fed hike or regurgitating the truism that every meeting is “live,” the substance of recent commentary from policy makers has been notable for its balance, and that’s a dovish shift... but with the economy sagging once again, is the market priced for such an outcome as Janet 'fesses up to the limits of monetary policy?

The "Philippines' Donald Trump" Surprises Critics By Unleashing "Long-Term Economic Boom"

With statements like "I don't give a shit about... the son of a bitch United Nations", calling the US ambassador to his country an "Annoying, homosexual, son of a bitch" and even joking about gang rape, not to mention his radical policies including the killing of hundreds of drug dealers, the Philippines new president Rodrigo Duterte quickly got the nickname of the "Philippines' Donald Trump." More importantly, he is also seen as unleashing an unexpected "economic boom" success story.

S&P Set For New Record Highs As Futures, Dollar Rise; Oil Slides

In a rerun of yesterday's overnight session, European indexes trade higher while US index futures were modestly in the green, set to propel the S&P 500 to new all time highs. Emerging Market dropped the most in three weeks alongside commodities, as today the market was predisposed hawkishly on a US rate hike ahead of Yellen's Friday speech, pushing the US dollar higher and oil resumed its pre "anonymous sources" headlines slide.

FBI Probing If "Russian Hackers" Breached The New York Times, News Agencies

It's them Ruskies again! With pressure on Obama over his visit to Louisiana, and Hillary facing an avalanche of headlines over her "email crimes," it is time for a distraction... CNN reports, hackers thought to be working for Russian intelligence have carried out a series of cyber breaches targeting reporters at the New York Times and other US news organizations, according to US officials briefed on the matter.

Clinton Health Questions: Off-Limits Or Legitimate Issue?

Hillary Clinton is 68 years old. She's been diagnosed with cerebral venous thrombosis; head trauma, pregnancy, cancer, brain infection, autoimmune diseases and inborn clotting abnormalities are all predisposing factors, per the Washington Post. She's currently taking blood thinners. Four years ago, Clinton fainted, hit her head and suffered a concussion. But lately many in the media have become outraged that Clinton's health is being broached at all.

Stocks Creep Higher As Dollar Resumes Falling, Oil Slides For Second Day

While the summer doldrums continue, with little market-moving newsflow overnight and zombified volumes, US futures crept higher and European shares rose after EU PMIs printed modestly better than expected, while a return to dollar weakness pushed emerging markets higher, even if it failed to boost oil which as we noted last night was downgraded by Goldman on various fundamental reasons.

Goldman Calls It For Oil: "OPEC Freeze Insufficient To Support Prices; The Price Rally Should Stall"

"Supply continues to feature the cross currents of rising low-cost supply, declining high-cost production, and new project ramp up. In fact, marginally more bearish data recently than we had assumed suggests in our view that the recent price rally should stall... While discussions of an OPEC freeze and a weakening dollar have been catalysts for the sharp reversal in oil prices this month, we believe neither will be sufficient to support prices much further"

OPEC Ignites Biggest Short Squeeze In History: Hedge Funds Cut Oil Shorts By Most On Record

The past week saw the biggest crude oil short squeeze on record as money managers cut bets on falling prices by the most ever.  Hedge funds trimmed their short position in WTI by 56,907 futures and options during the week ended Aug. 16, the most in data going back to 2006. As a result WTI soared nearly 10% in the past week, pushing it into a bull market just three weeks after it tumbled into a bear market.

FBI Probes Firm Belonging To Brother Of Clinton Campaign Chair For Ukraine Corruption Ties

While much of the media focus over the past week has been on the potential corruption scandal involving Ukraine's former president and Donald Trump's now former advisor, Paul Manafort, perhaps it is time for it to shift attention to the Podesta Group, the lobbying firm which belongs to Tony Podesta, the brother of Hillary Clinton campaign chairman John Podesta

FOMC Minutes Show Fed Members Split Over July Rate-Hike, Fear Financial Risks From Low Rates

With Fed speakers attempting to jawbone the current narrative back from the uber-dovish record-high-creating Fed statement, all eyes today were glued on how hawkish the statement would be with regard 2016 hikes - few, some, or many? Since The Fed statement, GDP expectations have crashed to cycle lows but that has not seemed to stop The Fed:


But perhaps most notably, several Fed officials are concerned of financial risks from too low rates.