The market is barely lower, after the world’s largest company missed…by a lot (Extra Trump). More than that was the horrid numbers coming out from a sundry of companies, like BWLD, TWTR and any number of banks of your choosing.
Apple is down 8% and the Dow is off by 40. Amazing.
While this can change as the day progresses, I can’t help but to marvel at how different this market is from what we’ve seen over the past two years. Gone are the days of false rallies and failed momentum. The market smugly presses higher, with crude marooned in the $40’s, after the energy sector has bled out to the tune of $100 billion in free cash flow over the past 12 months.
Everyone is so optimistic and filled with hope. If I didn’t have a brain, I might be fooled by it and sop up the koolaid myself.
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Xle…ugh
Breadth. Oil.
It’s all about the Dollar………….Race to the bottom.
The few people I’ve polled.. simply say “what else am I supposed to do but invest? Put money under my mattress? Put in 1% savings account?” They just follow the advice out there.. buy buy buy.. hold hold hold. Pressing this market higher and higher. No choice but up.
XLE, this is unreal.
In terms of XLE – the EIA’s weekly petroleum report (1pm EST, I believe) should put a dent in that rally
Crude stocks: record high
Days of crude supply: small bump up to 30+ year high
Crude imports: small drop
US Crude production: small drop of 15,000 barrels/day (continued trend)
Gasoline stocks: small bump up
Days of supply: small bump up
In other words, not drastically bearish, but far from bullish