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The Street is drunk on its own Kool Aid: Less bad was good last week… that is, if you’re of the mindset that a half-million people losing their job in April is good, writes Stephen Schork.
Was yesterday the proverbial blow-off top on the NYMEX? Time will tell.....That drive petered out as traders looked back towards equities and realized that they may have jumped the gun. The market plunged in the early afternoon, but momentum stalled exactly on Wednesday’s 55.46 pivot. Thus, if you are bullish WTI, you are still feeling pretty good about your view, writes Stephen Schork.
What started out as a bear market rally in equities back in March, is now in the process of morphing into a full fledged rally. Sidelined money, disgruntled and dismayed that it has missed the bull’s party of the last two months, is now reluctantly piling back into the market, writes Stephen Schork.
writes Stephen Schork.
Market bulls are behaving like a traffic cop after a horrific roadside accident. They are doing their best (and succeeding) at ushering the oncoming traffic along…just keep moving folks, nothing to see here, writes Stephen Schork.
"Spot contract up, deferred contracts up more. For a sixth week in a row, bullish momentum in spot crude oil in London stalled in the low/mid $50s," writes Stephen Schork.
Energy prices were mixed on Wednesday - oil markets moved higher because – you know why –because equities moved higher. Meantime, natty moved lower because – you know why – because unlike oil, the price path in natural gas correlates to its fundamentals… and not the stock market," writes Stephen Schork.
"Less bad is good…so goes the mantra of today’s bull. So goes the rationale for buying global shares…and so goes the motivation for buying oil," writes Stephen Schork.
"Energy prices were weak on Monday … as a potential influenza pandemic hung over the market. As we look ahead to today the market will look to take its marching orders from the equities, May natty’s expiry notwithstanding. In this vein, keep an eye on the U.S. consumer confidence and CaseShiller home indices," writes Stephen Schork.
There isn't anything I can add to the debate/worry over the swine flu scare. Hopefully it won't become the pandemic that the extreme case suggests.
Market bulls are like a traffic cop after some horrific roadside accident. They are doing their best (and succeeding) at ushering the oncoming traffic along… just keep moving folks, nothing to see here, writes Stephen Schork.
Designers emphasized the importance of fashion meaning something during the current recession and suggested consumers will focus on uniqueness and affordability which is what they offer.
Energy prices were mixed on Wednesday - crude markets bounced despite a reported surge in supply, while products fell because of a reported surge in supply, writes Stephen Schork.
The recent resilience shown by the oil markets is not because of any improvement in the global economy or rise in oil consumption. Instead, analysts said, oil is once again being sought by investors as a refuge against a slumping dollar and rising inflation.
Bullish sentiment in the S&P index should cushion any big shocks in the next couple of DOE reports, but we can’t expect this honeymoon to hold through May, writes Stephen Schork.
Chancellor of the Exchequer Alistair Darling predicted that the economy would contract at a rate of 3.5 percent in 2009, with a fall of around 1.6 percent in the fourth quarter.
Energy prices were weak on Monday… liquids markets in London and New York followed global shares lower… As such, there were no safe harbors for the oil bulls to take shelter. Meantime, gas bulls in New York flubbed an opportunity to parlay Friday’s strong close. , writes Stephen Schork.
Less bad is good… so goes the mantra of today’s bull. So goes the rational for buying global shares… and so goes the rational for buying oil, writes Stephen Schork.
The spread has decoupled from the seasonal trend and continues to ape the 2006 price path. 2006 was the only season when we had more gas in the ground than today. More importantly, as far as next winter is concerned, the relationship between the winter strip and the following summer has decoupled as well, writes Stephen Schork.
Energy prices were firm on Wednesday:liquids and gas markets were able to shrug off another bearish weekly government storage report. As such, once again energy traders ignored a stark reminder of the flagging U.S. economy and instead hitched their wagon to a rising stock market, writes Stephen Schork.