You cannot stop the selling in crude. The June contract for crude is down so much, the fucking oil sector is in shock to the point where they’re not even down that much. We’re down so much, it’s comical.
What’s a lot?
HOW ABOUT DOWN 30% FOR THE FUCKING SESSION? HOW DO YA LIKE DAT?
WTI has a $14 handle and Brent is now at $19 and change.
Shockingly, markets aren’t even down that much — probably because BRRRRRRR — everyone is waiting for the Fed to suck their dicks. The Dow is off by 550, Nasdaq by 160. But how about that copper — off by 6.66% — super-duper evil.
Markets just jumped and now we’re lower by 430. At this rate, oil will be NEGATIVE $500 and the Dow will be higher, all by day’s end. I will not offer you a strong opinion because the prices on your screen aren’t tethered to reality. I have a sundry of inverse ETFs and enough hedge to consider myself a winner today. Going forward, the question is, naturally, do we play for a bounce or a continuation to the downside. Asset prices aside, this is disastrous for the real world economy.
In other news, Trump is pledging support for the oil industry in America. Does it really matter?
We will never let the great U.S. Oil & Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!
— Donald J. Trump (@realDonaldTrump) April 21, 2020
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Oil stocks looking out 3-6 months.
See SLB,HAL,XOP (oil explorers) etf, etc.
This is third day in row when oil crashes and these stocks go positive very quickly.
Fed will buy oil now.
Who was it that said, “I don’t know much about oil but isn’t it likely that the June contract will be trading in single digits a month from now and if so, doesn’t that make a good short?
Remember, I don’t know much about oil so go easy on me motherfuckers.”
https://ibankcoin.com/flyblog/2020/04/20/oil-crashes-70-oil-stocks-rise/#sthash.HmgzWNJR.dpbs
Socialism.
Actually, more Communism than Socialism. The Fed will just be the bagholder until profit comes back, and then Capitalism steps back in screaming about how great the free market system is…
I guess it depends how one looks at it.
Yes, starts out as socialism/communism but most of the time it ‘s not free money and are loans that are paid back and many times US makes healthy profit cashing in the warrants and stocks that are issued. The Feds made billions in the end off of FNMA,GNMA,C,GMAC, AIG etc, during the ’08 financial crisis.
Not ideal but I guess it’s better than a complete collapse of the economy.
Not something Milton Friedman would like.
The USD will not survive this. Nothing is bouncing back for decades.
Better load up on crypto then right?
Everywhere else actually sucks worse, ironically.
Bottle caps. Or toilet paper.
I guess that’s true. https://projects.propublica.org/bailout/
says its $121B on $634B out, so 19% over 10 years or so.
I’d rather trade that amount of profit, though, for worker seats on the Board, mandate annual earnings reports instead of quarterly, and repatriation stipulations.
I’m sure AIG lost money for the taxpayers.
And when you factor in all the help, make sure you include ALL the help.
The FED is still paying the banks BILLIONS in interest on their reserves, just like they have every year sicne 2008. In just the last two years, the FED has paid over $73 Billion in interst to the banks.
Also, I expect the *FED* to be profitable with their most recent programs, because the Taxpayers take the first loss. The FED doesn’t lose money until the Treasury loss is at 100%.
Props to Dan Pena for predicting negative oil back in March
“interest rates aren’t the only thing that can go negative, kids.”
Nasdaq, once our salvation, now our doom.
Just waiting for the printer to start.
Tech / momo just followed. Nasty.
How many times does Musk have to tell you that he is a world class @sshole?
“Elon Musk’s promised ventilators never delivered to California hospitals, governor’s office says”
https://www.cnn.com/2020/04/16/business/elon-musk-ventilators-coronavirus/index.html
Same thing happenned to New York
The same amount of times that I have to tell you that you you are a world class douchebag.
Sometime I’m a douchebag, but you’ll always be a dumbass.
https://ibankcoin.com/flyblog/2020/04/17/markets-limbo-positioning-wanton-depravity/#comment-570952
I stand by that comment. You are clueless when it comes to GAAP accounting. A complete moron.
Link to CNN. LOL
Lazy or stupid?
https://www.breitbart.com/tech/2020/04/17/la-county-confirms-elon-musk-sent-bipap-machines-not-invasive-ventilators/
Didn’t Elon already show the amount he sent to different hospitals?
Don’t think so. But of course, he is a liar, so I’d rather hear it from the hospitals.
The hospitals verified it. Try doing some research
No, they just verified that he *said* he would donate. For example, New York tahnked hi mfor danating ventialtors, but then the ***manufacturer** of those ventialtors siad that they were the wrong type and wouldn’t help VOID_19 patients.
Musk is a comedian.
Musk: “Here’s your life saving ventilator”
COVID-19 patient: “This is a sleep apnea machine. Is this a joke?”
Musk: “April Fool! Ha, hah, ha”
I wish you would shoot yourself in the face with one of his flamethrowers.
Jube WTI crude now down 37%. The whole chain is getting slaughtered, like a line of cattle being led into the house.