Tick by tick, oil is in control of your economic destiny.
Nothing really matters. Not earnings, economic forecasts or sentiment, just oil.
As oil weakens here, the market melts up, it’s that simple.
The quick advice is to avoid energy related names, during this sit storm. However, their valuations are extremely cheap and do not deserve to be trading at current prices. Remember, oil north of $100 is still fucking kickass for every single oil producer/driller.
For some reason, the sentiment has knee capped oil stocks to the point of mockery. Nonetheless, for now, it’s safer to wait for oil to bounce, prior to stepping in.
Agrium Inc. (USA) [[AGU]] crushed numbers by .85 cents and the stock is only up $3. Conversely, Vulcan Materials Company [[VMC]] missed by 30 football fields, and that fucker is running. I just broke a monitor, out of sheer hatred for stocks.
Freddie Mac [[FRE]] offered funny numbers this morning, which initially hurt the bank stocks. However, on the dip in oil, banks are running again.
Wake me up when this shit makes sense. I’m going to take a nap now.If you enjoy the content at iBankCoin, please follow us on Twitter