We have a full array of fuckery taking place this morning. Credit Suisse’s director of investment strategy and research, Nannette Hechler-Fayd’herbe, said “Animal spirits seem to be back in both the real world and the financial world.” Moreover, she stated, “We are fully invested in our portfolios” and “have no overweight in cash, in contrast to last year.”
Contrary to her animal spirits opinion, oil is getting hammered again this morning, now off by more than 2%. Interestingly, this is not having a negative affect on stocks in Europe or here, domestically. The Eurostoxx 50 is higher by 0.8% and S&P futures are better by 0.17%.
The euro is gaining against the dollar by 0.29% and gold is higher by 0.3%.
The news on oil, apparently, has to do with Libya increasing production. This makes zero sense, whatsoever, but markets are going with it.
On the analyst front, there are very few big calls this morning.
LN was upgraded at Nomura. ZBRA downgraded at Morgan Stanley. VALE upgraded at HSBC. And AVGO’s target was raised at RBC.
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the honey badger doesn’t give a shit.
Those that take market action seriously have no sense of humor. Dennis Gartman gets it.