tyb
Market Report
Continuing with the theme that any potnetially bad news for (((them))) we get a market rally-that started on Sunday evening after -200 pts on the futures (DOW) were erased within seconds-gotta love that.
The Nasdaq 100 topped its all-time closing record today. And as stocks soar, bonds are puked-Cap#3-The Treasury curve has steepened significantly-they were jettisoned at 7:36am EST time and never got a bid of any size into the close. The dollar is dumped-Cap#4 (5 day chart-shows it down 1.78% and for the month down 2.79%)-red circle at bottom left of cap….and because everyone sells hard assets when all this shit going on gold was down 1.64%-Cap#5 and as per usual it got hit right on the NYMEX open and never had a chance for the remaining portion of the day. Oil ended slightly higher on Wednesday but remained below the session’s early highs above $40 a barrel, the highest since March, retreating as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies. Currently at $36.70 pbl on the WTI COMEX spot
Wall Street rallied broadly on Wednesday with the Nasdaq approaching record highs as signs of an economic recovery from mandated shutdowns helped investors look beyond U.S. social unrest and pandemic worries. A spate of grim economic data was not as bad as economists feared, with ADP reporting many fewer private-sector job cuts in May than expected. The Dow was up over 2% today (topping 26k), Trannies 3.5%! (little weakness into the close). Market participants now await the U.S. Labor Department’s more comprehensive May jobs report, which is expected to show unemployment soaring to a historic 19.7%. Boeing Co (BA.N) gave the biggest boost to the blue-chip Dow following news that billionaire investor Daniel Loeb’s Third Point had taken a stake in the company.
-Worst social unrest in 50 years (cops killed, cities burning, stores looted nationwide)
-Global Pandemic ongoing (some reopenings but 2nd wave cropping up)
-WHO sees no drug showing any efficacy in reducing mortality (but we rallied for weeks on vaccine hope)
-Economic collapse (no v-shaped recovery in any 'hard' or 'soft' data)
-Earnings plunge (recovery being pushed out)
-US-China tensions increasing
-And then there's this - The Dow is up over 1000 points from Sunday night's open.
and in how is this even possible news
Ex-Enron CEO Skilling launching new digital marketplace for oil investors
Former Enron CEO Jeffrey Skilling, released last year after a 14-year prison term stemming from the energy firm’s collapse, is raising funds to launch a digital marketplace catering to professional oil and gas investors, according to four people familiar with the matter.
moar here
https://www.reuters.com/article/us-enron-skilling-new-venture-exclusive/exclusive-ex-enron-ceo-skilling-launching-new-digital-marketplace-for-oil-investors-sources-idUSKBN23A32L
from earlier today
Fed Promised to Buy Bonds but Is Finding Few Takers
The Federal Reserve thawed credit markets in March by promising a whatever-it-takes program to buy corporate bonds. Ten weeks later, the Fed has yet to buy a single bond. Just the announcement of the backstop ended panic selling, boosted prices and fueled a record surge of new corporate-bond sales. Companies are now reluctant to sign up for Fed purchases because such a move could be seen as a sign of weakness during a market rebound, some bond fund managers and bank executives said.
https://www.wsj.com/articles/fed-promised-to-buy-bonds-but-is-finding-few-takers-11591176601
https://www.reuters.com/article/us-usa-stocks/wall-street-closes-sharply-higher-on-signs-of-economic-rebound-idUSKBN23A1I1
https://finance.yahoo.com/quote/%5EDJI?p=^DJI
https://www.marketwatch.com/investing/bond/tmubmusd10y
https://www.kitco.com/charts/livegold.html
https://www.marketwatch.com/investing/index/dxy