Written by Gary
DOW ends down 1.4% in worst day since February; Nasdaq claws back to flat line (SPY -0.9%). Big-tech bloodbath continues after biggest sell-program in history.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Can Libyas Oil Industry Make A Comeback In 2021?The creation of Libyas interim government has instilled the international community with tacit hopes of a decade-long conflict finally coming to an end. As it is oftentimes the case with Libya, aspirations remain alive only insofar as they are not accompanied by deadlines to be met. The interim government has a little less than 2 months to create the constitutional basis for the Libyas first democratic elections of this century (assumed to take place in December 2021). The complete unpredictability of what is going to |
| Tanker Rates Surge After U.S. Fuel Pipeline OutageTanker rates are surging after U.S. refiners rushed to book vessels to store fuel as the key fuel pipeline in America shut down in the wake of a cyberattack during the weekend. With the main pipeline carrying gasoline and diesel to the U.S. East Coast down, the largest American refiners are scrambling to book vessels for floating storage of fuel, shipbrokers told Bloomberg. The refiners on the Gulf Coast look to store the fuel that is going nowhere as the Colonial pipeline would be shut down until at least later this week. Refiners are also booking |
| Oil Markets Stable Despite Major Pipeline OutageWhile the Colonial pipeline outage appears to have been resolved and there is enough gasoline to go around, panic buying has caused gasoline shortages in some areas on the East Coast. Chart of the Week- U.S. natural gas production posted the largest monthly decline on record in February, according to recent EIA data.- Production averaged 104.8 Bcf/d, an 8.1 Bcf/d decline (7%) from January.- Texas accounted for a 4.3-Bcf/d decline, the largest on record. Market Movers- The |
| Jet Fuel Demand Rebound Needs Return Of International FlightsJet fuel demand is slowly recovering from the slump last year, and although the rise in passenger numbers nearly everywhere is encouraging, the meaningful recovery of aviation fuel consumption will return with the return of international travel and long-haul flights, analysts say. You see the passenger numbers are recovering, but they are flying shorter distances, so the relationship between the passenger number and the jet fuel demand is distorted, Cuneyt Kazokoglu, head of oil demand analysis at FGE, told Reuters. Since long-distance |
| Extending The European Green Deal Into EurasiaThe European Green Deal should be extended to include the Eurasian Economic Union. In June, the European Commission will present a package of bills detailing the European Green Deal, a strategy that aims to reduce CO2 emissions by 55% to 1990 levels by 2030, improve energy efficiency by 32.5%, and increase the share of renewables in the energy mix up to 32%. One of the critical instruments of the deal must be the Carbon-Border Adjustment Mechanism (CBAM). Better known as the “carbon levy”, CBAM will be the second building block in a cross-border |
| Renewable Energy Additions Spike To Record High In 2020: IEASolar and wind power generation capacity additions last year jumped by as much as 45 percent from 2019 to close to 280 GW, the International Energy Agency said in a new report, noting that the record pace of new solar and wind capacity additions will become the new normal after the pandemic. This year and next, the IEA said, solar and wind additions will account for as much as 90 percent of new power generation capacity additions globally. Wind and solar power are giving us more reasons to be optimistic about our climate goals as they break |
| Kentucky Derby winner Medina Spirit cleared to enter Preakness despite failed drug testKentucky Derby winner Medina Spirit was allowed to enter the Preakness Stakes, with conditions, despite failing a drug test after the first Triple Crown leg. |
| Ex-UAW president sentenced to 21 months in prison in union corruption schemeDennis Williams is the highest-ranking union official to be sentenced as part of a multiyear corruption probe into the prominent American union. |
| Man City crowned 2020-21 Premier League championsManchester City have been crowned 2020-21 Premier League champions after Manchester United’s defeat to Leicester. |
| Fauci says J&J vaccine pause didn’t set back U.S. vaccine campaignThe pause on J&J’s Covid vaccine due to a rare blood-clotting problem did not disrupt the U.S. vaccine rollout, Dr. Anthony Fauci told Congress on Tuesday. |
| Airline CEOs ramp up pressure on governments to open up U.S., U.K. travelAirline CEOs asked transportation secretaries of the U.S. and U.K. for a summit to help lift travel restrictions between the two countries. |
| Pfizer scientist says mRNA technology used for Covid vaccines could create ‘more potent’ seasonal flu shotsThe mRNA technology used to develop the Pfizer-BioNTech Covid-19 vaccine could help create “more potent” seasonal flu shots, Pfizer’s Kathrin Jansen told CNBC. |
| CDC director says U.S. is planning for Covid vaccine booster shots ‘just in case’Dr. Rochelle Walensky told CNBC that U.S. officials are “thinking ahead” in the event that vaccine-induced immunity against the coronavirus begins to wane. |
| U.S. official says Covid booster shots will also be free to the publicCovid-19 booster shots will be free to the public if they are needed, said David Kessler, chief science officer of the White House Covid-19 response team. |
| $100 million New Jersey deli: Ex-Trump tax lawyer owned shell company created by mystery investorsA mystery New Jersey deli company has investors who created a shell company later bought by a former tax lawyer for Donald Trump. |
| Memorial Day travel to soar 60% even as gas nears $3 a gallonTravel over Memorial Day weekend will rise 60% compared to 2020, says AAA Travel, even as gasoline prices rise to a seven-year high. |
| Boeing orders outpace cancellations for third consecutive month, but Max deliveries still pausedBoeing logged more orders than cancellations for a third consecutive month but deliveries of its Max jets are still paused after electrical issue. |
| Hundreds of colleges say Covid vaccines will be mandatory for fall 2021The number of colleges and universities that will require students to be fully vaccinated against Covid-19 has spiked. |
| ‘Hamilton,’ ‘Wicked’ and ‘The Lion King’ to kick off Broadway reopening on Sept. 14“Hamilton,” “Wicked” and “The Lion King,” three of Broadway’s cornerstones, are set to reopen Sept. 14. Tickets are now on sale. |
| Big-Tech Bloodbath Continues After Biggest Sell-Program In HistoryBig-Tech Bloodbath Continues After Biggest Sell-Program In History After yesterday’s ugliness in big-tech and small-caps, many hoped for a bounce today. But the combination of ARKK gamma and CTA deleveraging meant the pain was not over and both Nasdaq and Russell 2000 plunged into the cash market open (after getting hit as the Asia open and European open)…
 But that puke into the cash open was one for the history books as NYSE companies trading on downticks exceeded those on upticks by 2,069 at one point. That was the most widespread bout of selling in the history of the indicator… |
| Satellite Imagery Captures Thousands Of Unfinished Ford Trucks Stashed At Kentucky SpeedwaySatellite Imagery Captures Thousands Of Unfinished Ford Trucks Stashed At Kentucky Speedway Satellite images obtained by The Drive paints a clear picture of the chip shortage shitshow impacting Ford Motor Company. Thousands of Ford trucks with missing semiconductor chips are parked at Kentucky Speedway, a 1.5-mile tri-oval speedway in Sparta, Kentucky, which hosts NASCAR and Indy Racing events.  “There are thousands of trucks at the facility awaiting chips. You can see the progression, particularly in the righthand lots; the first photo in the set of three is dated April 18 of this year while the second is from April 26. The third and final shot is a more recent view captured on May 1,” The Drive said.Â
All of the Ford trucks are missing similar items, including various semic … |
| The Psychology Of QE Is Far More Important Than The Amount Of ItThe Psychology Of QE Is Far More Important Than The Amount Of It Authored by Mike Shedlock via MishTalk.com, Let’s discuss what QE really does vs the psychology of QE.
John Hussman has an interesting take on “Quantitative Easing!” vs “Quantitative Easing” in his latest monthly missive Counting the Chickens Twice
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| All Hell Breaks Loose: Hamas Fires 130 Rockets On Tel Aviv, Israel Collapses 13-Story Building In GazaAll Hell Breaks Loose: Hamas Fires 130 Rockets On Tel Aviv, Israel Collapses 13-Story Building In Gaza update(3:03pm): In the last hours there’s been massive escalation as Hamas and Islamic Jihad has unleashed wave and wave of rockets on central Israel, and targeting Tel Aviv. Hamas has announced that it launched 130 rockets on Tel Aviv and central Israel through its TV channels moments ago. While it’s unclear if this is exaggerated, rockets appear to be landing across Israel, many slipping through the Iron Dome anti-air defenses.
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| Greensill: Watchdog to probe ‘potentially criminal’ collapse of firmThe financial watchdog has begun a probe into the Liberty Steel backer which collapsed in March. |
| Uber and Lyft set to offer free rides to US vaccine sitesThe White House highlights the upcoming offer of free trips in the US by the ride-hailing firms. |
| Stock markets slide on fears of rising inflationUK, US and Asian markets fall amid worries that inflation is set to pick up. |
| Memecoins and memestocks: Same madness, but world apart fundamentallyWhen the price of a stock like GameStop goes to the moon, its effect on the actual underlying business of the company is not affected much by it. But, there’s no such tension with a memecoin. |
| Up 40% in 6 days! This midcap is on fire through rain or shine. Red flag goes upPost earnings update, a few brokerages have upgraded the company’s earnings estimates by about 20 percentage points each for FY22 and FY23, and also upped price targets for the stock, believing it deserves a premium valuation. |
| Trade setup: 15,000 a very crucial resistance level for Nifty; remain highly defensiveAn Evening Star pattern occurred on the candles. Although this has a potential to halt the current up move, it is not a precise evening star pattern. |
| : AstraZeneca CEO Pascal Soriot narrowly wins vote on pay raisePascal Soriot has been in charge of AstraZeneca since 2012, and resisted a takeover attempt by rival Pfizer in 2014. |
| Cryptos: Dogecoin copycats are driving up Ethereum fees and vexing parts of the crypto communityIf imitation is the most sincere form of flattery, then a recent effort to mimic dogecoin represents a genuine appreciation for the surge in demand for the popular, meme asset dogecoin. |
| : Kids boost their pandemic earnings by doing more chores ” and selling toys on eBayThe average amount of chores completed by U.S. kids has jumped 236% year-over-year, according to a new study. |
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