As the rest of Wall Street saunters around in a low volatility drift higher, the oil markets are in turmoil. Today’s 3.4% drop wiped out all of last week’s again. Over the past two weeks, crude is still higher by 8%. However, the health of the equities are far less inspiring.
Over the past two weeks, according to Exodus (free trials end today), both the drillers and independent oil producers have yielded at negative 1% return. Overlay that on top of the 8% spike in crude, and you can clearly determine that equity investors aren’t buying whatever the fuck the men in the oil pits are selling.
Bear in mind, a wall of debt is set to come due in 2017. Should crude continue to languish around these levels, there will be pain felt in the sector.
All that said, the NASDAQ closed up 6. New records of gluttonous bounty is to be had. Fuck all of the sellers and their songs of misery. Get on the death train towards a hedonistic end, which is entirely worthwhile and joyful as long as the engines are running hot with Federal Reserve fuel.
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some of those sells were mine & clients, as I dumped risk in favor of…… the ark