After exceptional lows in March, markets rallied in the second quarter. While the advance was broad-based, the groups that suffered most in the decline bounced most. Banks and materials led the charge higher with each sector enjoying returns of over 100%! Investor sentiment improved, and other economic indicators declined at a more moderate pace. "Green shoots" was the buzz phrase in the press, and determined optimists began to hunt for whatever data they could find to construct a sustainable, positive argument. » Read more

Decreasing speculation sounds great in theory, but the law of unintended consequences suggests in could lead to even greater volatility, writes Stephen Schork. » Read more

Crude oil, relative to ample seasonal supplies of gasoline is still sky high. Therefore, the industry will still take measures (limit imports, reduce throughput… etc) to lower supplies, writes Stephen Schork. » Read more