Wall Street Upgrades Oil Stocks as Oil Hits New Lows

Serious question: what premise did all of these firms base their upgrades on? How the fuck do they expect Joe Blow to get long oil stocks now, here, as crude plummets to new lows, the dollar spikes to new highs, and almost $300 billion in distressed basic resource threat looms?

Wait, let me guess? After 2016, a lot of oil and gas debt will be maturing. Since the equity markets are treating them somewhat poorly this past year, down 60%, maybe some of these oil companies are interviewing some investment banks to refinance their debt?

No, you don’t say.

Wait, do you mean to tell me that Wall Street analysts receive marching orders to upgrade stocks based upon prospective investment banking relationships? They’d never do that. No way. That’d be illegal.

In other news, oil is at new lows.

King dollar is on the move higher.

And, according to Exodus, the dollar amount of distressed basic resource debt is nearing $300 billion.

Stocks gave up early gains and are diving lower. However, I am somewhat constructive on a bounce happening today or tomorrow, perhaps lasting for a week, before dropping again. My preferred method of buying dips will be SPY, until further notice.