Oil plunges again–what’s next?
Oil prices went into free fall today, continuing the bear market in the commodity. U.S. benchmark West Texas Intermediate fell 7.73% on the day to $55.30 a barrel. International benchmark Brent dropped 7.05% to $65.18 a barrel. Yesterday oil had rallied on news out of...
500,000 barrel cut from Saudis isn’t enough to declaw oil bear
Yesterday, Sunday, November 11, I wrote in my regular Saturday Night Quarterback post on JubakAM.com that news from Sunday's OPEC meeting that Saudi Arabia would cut 500,000 barrels a day from its oil production and exports in December might be enough to get more than...
Saturday Night Quarterback says (on a Sunday), For the week ahead expect…
... oil, now in a bear market, to rally on news that at this weekend's OPEC meeting Saudi Arabia announced that in December it will export (and produce) 500,000 fewer barrels of oil a day than in November. Expect the market response to be relatively modest, though, as...
Oil nears a bear market
The U.S. Energy Information Administration yesterday reported that U.S. crude oil production climbed to a record 11.6 million barrels a day in the week ended November 2 and inventories at the Cushing, Oklahoma hub rose by 5.78 million barrels on the week. U.S....
Wall Street says Tuesday election no big deal but hedges anyway
Democrats have a roughly 7 in 8 chance of recapturing the House of Representatives, according to Nate Silver's data analysis site 538. Republicans have a 5 in 6 likelihood of maintaining control of the Senate. Officially, the Wall Street consensus is that the election...
Saturday Night Quarterback says, on a Sunday, For the week ahead expect…
... a generally quiet week vis-a-vis news. There is that election thing on Tuesday, November 6, but absent some hugely unexpected result--the Democrats win 80 seats in the House or the Republicans hold onto control of both the House and the Senate--I don't expect a...
Optimism on China trade talks drives U.S. stocks higher
This morning at least a tweet from President Donald Trump is the most important factor moving U.S. stocks higher. In his tweet President Trump said he had had a productive conversation with Chinese President Xi Jinping on trade. Â "Those discussions are moving along...
Nothing but bad news–and S&P 500 still sinks only 0.55%
Red, red, red everywhere today. Caterpillar (CAT) and 3M (((MMM) disappointed on guidance. China and Europe sold off. As did the financial sector with the Financial Select Sector SPDR ETF (XLF) falling 0.77% to $25.90 to break or at least test support. And, then, as...
Adding to my position in Equinor call options
The less risky January 18, 2019 call options with a strike price of $25 on Norway's Equinor (EQNR) rose 6.59% today. The more risky, because they're out of the money, January 18, 2019 call options with a strike price of $30 fell 16.67%. I think that's an expression of...
What’s the opposite of a “Goldilocks” market?
A Big Bad Wolf market? A Sauron market? An Evil Stepmother market? The reaction to this morning's inflation report suggests me might need a name for this kind of market. The worry, my worry, going into today's Consumer Price Index (CPI) inflation report from the...
Oil sells off as Hurricane Michael goes from “rumor” to “fact”
Today's drop in oil prices looks to me to be a classic buy on the rumor sell on the fact trade. U.S. benchmark West Texas Intermediate dropped 2.81% today to $72.85. International benchmark Brent crude fell 2.68% to $82.72 a barrel. Yesterday oil moved up as Michael...Jim’s Stock Alerts
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