Cashin started off talking about the same old stuff to the same old stuff, until he dropped a nuclear bomb on the exchange. He’s hearing the Chinese strategic oil reserve is almost full. The scary part of this whole damned crazy rumor is that he’s also hearing it amounts to 800,000 barrels per day (SHOTS FIRED!).
Oil is shrugging off greasy talk like this, off by just 0.7% for the session.
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Mr. Cashin, you have reached your limit on the number of silver lined fleece vests I can give you. You will have to make do with the ten or twelve you have already.
LOL good post
Meh.. back to drinking fraps and texting on my phone
oil to $15. china printer stopped in may. will see how much levitation is left.
junk bonds are divin
Earlier in the year, I went short HYG and long TLT (to hedge against interest rate moves). Even when TLT rose, HYG also rose. People were lookign for any yield they could find. Utility stocks went up for the same reason (high dividends).
Note the recent divergent performance: HYG down, TLT up. That’s a big tell. It says that the move to TLT is not a “search for yield” (as compared to lower German and JGB), but a search for **safety**.
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