At least for a day, the greatest transfer of wealth from west to east the world has ever known has ceased. Futures traders, clad in their grandmother’s pajamas, are ignoring the indecorous dismantling of WTI crude, now lower by nearly 2%, and, ostensibly, bidding stocks higher off the back-hand of President Donald Trump removing America from the very unfair and evil Paris accord.
Copper is also down by more than 2%, a foreboding sign that global growth isn’t exactly steaming ahead. Nevertheless, the German DAX doesn’t seem to care, now higher by 1.6%.
NASDAQ futures are +19.
Pre-market, both RH, BOOT and ZUMZ have been obliterated, while LULU, GOOS and AVGO are enjoying the fruits of western hedonism,
Happy Friday.
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5/22 – GS puts out two (2), yes, that’s correct 2, bullish notes on Crude. LMFAO. The Squid & Gartman are most definitely doing ‘God’s Work’. Winning~
Sometimes i wonder what you guys are worst at. The Market or Politics.
It’s roaring higher this morning, as much as Trump is smart.