US markets opened higher as expected and continued to trade in a sideways, narrow zone on diminishing volume. WTI crude climbed to the high 38's and stopped short of going into the 39's. Appears to be a residual resistance effect holding crude from climbing higher. The DOW is up 200 points, the SP500 1.3% and the NASDAQ up 1.3%. A late afternoon selloff is not expected.
Here is the current market situation from CNN Money
North and South American markets are broadly higher today with shares in U.S. leading the region. The S&P 500 is up 1.28% while Mexico's IPC is up 0.91% and Brazil's Bovespa is up 0.31%.
NEW YORK (Reuters) - Oil rose up to 2 percent on Friday, with U.S. crude headed for a fourth week of gains, after the world's energy watchdog said the market may have hit bottom, although Goldman Sachs said the 50 percent rally in under two months was "premature."
(Reuters) - Wall Street rallied on Friday as steadying oil drove energy shares, putting the three major indexes on track for their fourth straight weekly gains for the first time in more than four months.
OKLAHOMA CITY (Reuters) - The night before Aubrey McClendon died, the oil-and-gas pioneer was expected at a private dinner here with potential business partners. Among them: Vicente Fox, the former president of Mexico.
LONDON (Reuters) - Tom Hayes, a former trader serving an 11-year jail sentence for conspiracy to rig Libor interest rates, will next week return to a London court in a multi-million pound battle against prosecutors over assets that include a seven-bedroom country house.
(Reuters) - General Motors Co is buying Cruise Automation, a San Francisco self-driving vehicle startup, the latest move by the auto giant in its effort to outflank Silicon Valley in the race to develop shareable, autonomous vehicles.
WASHINGTON (Reuters) - U.S. import prices fell in February for an eighth straight month, weighed down by declining costs for petroleum and a range of other goods, but the pace of decline is slowing as the dollar's rally fades and oil prices stabilize.
DHAKA (Reuters) - Investigators suspect unknown hackers managed to install malware in the Bangladesh central bank's computer systems and watched, probably for weeks, how to go about withdrawing money from its U.S. account, two bank officials briefed on the matter said on Friday.
FRANKFURT (Reuters) - The European Central Bank embarked on a rearguard action to win over skeptical investors on Friday, a day after chief Mario Draghi unveiled a new stimulus package but blunted its impact by suggesting the ECB would not cut interest rates again.
In April 1999, the total US oil and gas rig count was 488, today, after dropping 9, the total rig count is 480- an all-time record low (since records began in 1975). Oil rigs dropped 3 to 386 (lowest Since Dec 09), the 12th weekly drop in a row (16th of 17 and 17th and 26th of the last 28 weeks). With production up last week, it remains to be seen when the rig count matters once again.
A record low in total oil and gas rigs... (-6 in oil, -3 in gas)
Oil rig counts continue to track a lagged oil price almost perfectly...
Gold is up 19% year-to-date, by far the best performing asset-class, making this the best start to a year since 1974.
"Negative rates in Japan and Europe coupled with weak global growth have prompted a surge in interest," notes one trader as Gold-backed exchange-traded funds saw a record inflow of $7.2bn in February, surpassing the previous high set in 2009, according to BlackRock.
BlackRock's ETF (IAU) - which saw creation halted due to th einability to meet excess demand for physical has not had one outflow this year...
And GLD inflows are soaring...
This year $9.2bn has gone into gold-backed exchange-traded products, BlackRock said.
And it appears as The Fed remains on ist rate-hiking-narrative path (and the rest of the world goes deeper and deeper into NIRP) perhaps this chart - showing the Dow/Gold ratio breaking significant support - suggests gold will contionue to outperform...
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