Archive for January, 2017

The confrontations between the U. S. and China on trade, currencies and geopolitics will begin immediately at a rhetorical level, but may take a year or two to play out at a policy level. Supply chains, long-term contracts, and reserve positions don’t turn on a dime even when new administrations are sworn in. Yet, one […]

WTI (and RBOB) prices slid lower into the NYMEX close ahead of API’s report tonight that showed further major builds in crude and products. Crude saw inventories rise 5.83mm barrels last week – the most since the end of October and while Cushing saw its 4th weekly draw in a row, Gasoline and Distillates both […]

Rumors of AAPL’s demise have once again been greatly exaggerated. Moments ago, Apple reported Q1 earnings which not only beat on the top and bottom line, but also sold a record number of iPhonea in the quarter at a record 78.4 million, 2 million more than expected, at higher ASPs than expected. Earnings of $3.36 […]

U. S. equities look worryingly vulnerable, warns Bloomberg’s Mark Cudmore, warning that Trump’s doubling down on his hardline autocratic approach ensures that markets won’t be able to overlook the implications of his immigration order. I apologize if this piece seems very similar to three of my last four columns, but markets are exhibiting exceptional complacency… […]

Confirming a choice that many had already pegged as a front-runner to fill Antonin Scalia’s vacant seat, President Trump officially announced Judge Neil Gorsuch as his nominee for the Supreme Court of the United States. Gorsuch, 49, the youngest supreme court nominee in 25 years, was among a group of federal judges reported in recent […]

That hysterical reaction to the travel ban announced Friday is a portent of what is to come if President Donald Trump carries out the mandate given to him by those who elected him. The travel ban bars refugees for 120 days. From Syria, refugees are banned indefinitely. And a 90-day ban has been imposed on […]

While hardly any analysts or traders expect Apple to report blockbuster earnings today on the back of slowing smartphone sales, challenging iPhone 7 adoption, rising competition in China, and generally a loss of Apple’s trademark creative spark under the “new management” which is far more interested in stock buybacks and M&A, few are as skeptical […]

January was a tough month for some… The S&P 500 just posted its least volatile January in at least 55 years. Avg high-low intraday range of 0.55%, smallest since at least 1961 (@CallieBost) January was good for gold again – the 4th positive January in a row for Gold (and 8th positive January in the […]

Less than a week after Donald Trump won the presidency, the head of the world’s biggest hedge fund, Ray Dalio, unexpectedly declared that he was a firm believer in Trump’s policies in a lengthy LinkedIn article in which he praised the coming age of Trump: “there is a good chance that we are at one […]

Having already succeeded in delaying the confirmation of Tom Price and Steven Mnuchin, when Democrats boycotted a committee vote which had a minimum quorum requirement, moments ago Senate Democrats succeeded in stalling – if only temporarily – another confirmation when they used a procedural move on Tuesday afternoon to stall committee vote, this time on […]