Dollar strength will not be a straight line….. nevertheless, dollar lows are almost certainly behind us. – “Calling A Bottom In The Dollar”, Goldman Sachs … the euro ‘rubber band’ is stretched as far as it’s ever been stretched. That…
There’s something happening here. What it is ain’t exactly clear….. There’s battle lines being drawn. – Buffalo Springfield, “For What It’s Worth” Sooner or later in a bear market, even the glory stocks start to come apart. As a bull…
Every weekend I write a client note in which I attempt to summarize the week’s action and highlight significant events. As I was writing it last night I was struggling to make sense of the huge selloff we saw last…
I sold my Chevron. I sold my Conoco Phillips. I sold my Statoil. I sold my ENSCO. I sold my Pioneer Natural Resources. I sold everything. – Richard Rainwater, who made about $2 billion investing in energy stocks and futures over…
The unemployment rate rose from 5.0 to 5.5 in May, and nonfarm payroll employment continued to trend down (-49,000), the Bureau of Labor Statistics of the US Department of Labor reported today. – May Jobs Report, BLS If Iran continues…
In collaboration with our colleagues at the Treasury, we continue to carefully monitor developments in foreign exchange markets. The challenges that our economy has faced over the past year or so have generated some downward pressures on the foreign exchange…
This looks like a market that’s running out of steam. – Walter Zimmerman (subscription required), Technical Analyst, ICAP/United Energy Some more interesting action in the oil market today. The Energy Information Administration today announced an 8.8 million barrel decline in crude…
“Is $130 oil a bubble?”, CNN, Friday May 23 “The Short View: Commodity Speculation”, John Authers, Financial Times, Tuesday May 20 “Whither The Price of Oil?”, John Mauldin, Frontline Thoughts, Friday May 23 “High Oil Prices Spur Thoughts About Bubbles,…
In the past (Iran) would have put a little bullish impetus in these markets, but it isn’t today. Perhaps it’s telling. – Addison Armstrong (subscription required), Analyst, Tradition Energy The story in financial markets for the last bunch of days has…
The trading in the stock market the last few days has been all about oil. And the trading in oil has been all about speculative psychology. Yesterday, spurred by a surprise drawdown in oil inventories reported by the Energy Information…