It was working out pretty good for olde Joe. He had his trannies, money schemes, his wars, and he even had a pretty benign recession due to moderate job losses and cheap energy. But over the weekend the House of Saud threw a fork at Biden’s head and now it’s sticking, as they and Russia cut production by over a million barrels per day to support prices.
If you’re OPEC +, this move is justified, since America has flooded the market with over 200 million barrels of its SPR to rig prices down. The deal was, America would do this to fuck Russia — but then later on refill it at the start of 2023. But it seems Biden and Co got greedy and reneged on their side of the deal ( empire of lies ) so now everyone else is taking matters into their own hands.
BUT DON’T COUNT OUT SPITEFUL JOE AND CO JUST YET!
Remember the lessons of natural gas and how they somehow completely destroyed that price, amidst all of the fanfare of “Europe freezing” due to the war.
I don’t believe there are shortages of anything, anywhere.
As is customary, I liquidated my stocks in both trading and quant, since it’s a new month and will reallocate after 12pm.
My opinion on stocks remain: underweight tech, healthcare, overweight basic materials — hedge when stocks go down.If you enjoy the content at iBankCoin, please follow us on Twitter