For about 30 seconds, the market threatened to trade down 50 points. WTI crude was off a harrowing 5% and oil stocks were lower by 3%. All of that shit has ended now. The panic of 25 minutes ago has ended and with it enters a new era of unchecked hedonism and prosperity, or whichever suits you best–determinant on your socio-economic backgrounds.
As you read this, the Dow is moving briskly into the green, dragging along the ever stubborn Spy and NASDAQIRI. It’s worth mentioning, there are a few Debby Downers who are diluting the mood. But, no worries, the stock Gods, designated by Zeus himself, will see to it that all stocks and investors be treated fairly and justly.
“Money for all” is the motto. Don’t just sit there and watch everyone become billionaires. Get out there and take what’s rightfully yours!
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You covered then?
I cover when the 10 day holding period expires, so no.
I remember a golden era when you would sashay your way in and out of positions with surgeon like precision.
You’re like an annoying little peasant.
Market will reverse again except for the stocks I selected this morning. I’m never wrong.
+1
um..the XLE is green LOLZ
Nobody blew themselves up or stabbed anyone, so by thta token, the Doha meeting “beat expectations.”
Yes. You had your 2.13% morning correction in XLE. It’s over. Now anticipate the next round of talks.
Doha looked like an OPEC spoof of an SNL skit of an OPEC meeting. I’d expect to see the most insightful analysis on theonion.com, except that by tomorrow no one will remember what Doha was.
OPEC still on fast track to be North-Korea’ized as a serious player.
guys, CNBC has the oil story nailed, courtesty of Goldman Sachs:
“Why Doha no-deal is actually great for oil prices
Despite the collapse of talks, oil market watchers said the lack of a ‘Doha dea’ would be better in the long term and would mean that a rebalancing process of supply and demand can continue to its natural conclusion.
We can see it as the rational decision that there has been no decision (in Doha),’ Michele Della Vigna, co-head of European Equity Research at Goldman Sachs, told CNBC on Monday.
‘It has taken 18 months to start to rebalance the oil market with falling non-OPEC production in a variety of countries and demand showing signs of recovery which means we are getting there, we’re getting to a new equilibrium.So why delay it with a self-defeating rally that would bring an oil price to above $40 a barrel too quickly and one that would incentivize producers to ramp back up production?’ he asked.”
So you see, if there was a deal to freeze production, then production would have increased. Instead of having suppliers reduce supply as group from market pricing pressure, we should just let supplies indivudally reduce supply through reaction to market pricing presssure.
On a more rational note, Bloomberg is reporting a Kuwaiti labor strike started yesterday will reduce Kuwaiti output by 60% (1.7 million barrels a day).
This is either terrrible timing by labor (as the drop in Kuwaiti oil revenue will be smaller at low prices) or perfect timing (as low prices mean Kuwait can’t afford ANY revenue drop).
It’s not about the Doha………….it’s about the $Dollah$………. Soon the Dollar will resume it’s “fundamentally challenged” upward climb and put an end to all this Fuckery.
May the NASDAQIRI forklift higher with the strength of 10,000 skeletors evermore.
At this point, the bulls are like Confederate soldiers, circa 1864.