Written by Gary
The DOW closed up 0.69%, NASDAQ off 0.06 %, and the S&P up 0.33 (record high close). Gold up marginally to $1779.80, Virgin Galactic soared after its approval from the U.S. aviation safety regulator to fly people to space. NIKE reached an all-time high after it beat Wall Street estimates.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Oil Prices Continue To Climbs Despite ResistanceOil prices are on course to close out another week of gains despite fears of Iranian production coming back online and OPEC+ preparing to increase its output.Friday, June 25th, 2021Oil appears set to close out another week of gains, although trading became choppy this week as OPEC+ readies production increases.Biden supports Line 3. The Biden administration supported the contentious Line 3 pipeline in Minnesota in a court filling.Amazon buys up renewable energy. Amazonsaid it would purchase 1.5 GW of renewables from 14 different |
| Oil Rig Count Falls As U.S. Drillers Exercise CautionBaker Hughes reported on Friday that the number of oil and gas rigs in the United States stayed the same this week, with the total rig count holding fast at 470 as U.S. drillers boast more than 200 additional rigs this year. In the week prior, the U.S. oil and gas rig count increased by 9. The total number of active oil and gas drilling rigs in the U.S. is now 205 more than this time last year. The oil rig count fell by 1 this week to 372. The number of gas rigs increased by 1 and now sits at 98. The number of miscellaneous rigs stayed the same. |
| Meet The Man Behind The World’s Most Exciting Oil PlayThis is the story about an oil play that so far has lived up to its promiseNamibia is the settingAnd a little-known Canadian explorer is the protagonist.It was the speculative investment of 2020But now we think its being de-risked following two successful drill resultsAnd its stock price has been flying as a result. The first interview we had with the founder Craig Steinke was very well received by our readers who were very impressed with what Reconnaissance Energy Africa (TSXV:RECO, OTC:RECAF) had accomplished |
| Panasonic Has Sold Its Entire Stake In TeslaPanasonic has officially sold all of its shares in Tesla. The Japanese giant offloaded its entire $3.6 billion stake in the name last year, according to a new report from Nikkei. Panasonic said it would continue supplying Tesla with batteries: “Our relationship with Tesla as a business partner will not change going forward,” a Panasonic executive told Nikkei. Reuters, however, reported on Thursday that the sale was partially for Panasonic to “reduce its reliance” on Tesla. Panasonic is/was one of Tesla’s oldest allies, buying into Tesla |
| $6 Billion Sale From Petroleum Reserve May Help Fund Infrastructure PlanThe U.S. could sell $6 billion worth of crude oil from the Strategic Petroleum Reserve (SPR) as one of the financing sources for new investment in the infrastructure deal, Reuters reports, quoting a document being circulated by Republican lawmakers. U.S. President Joe Biden announced on Thursday that he had agreed to a bipartisan infrastructure framework after meeting a bipartisan group of Senators. We have a deal, President Biden said on a compromise proposal for an infrastructure plan aimed at repairing roads and bridges, |
| Blackout Risk And Electricity Prices Are Spiking In CaliforniaElectricity prices for Californians are spiking, but so is the danger of blackoutsboth planned and unplanned. Exceptional drought forecasts for this summer prompted PG&E to warn earlier this month that it might need to implement more rolling blackouts. The utility added, however, that they would likely last less than last years. Then, last week, the California Independent System Operator issued a so-called flex alert, which effectively means it asked people to use less electricity between 5 pm and 10 pm because of heightened energy |
| Royal Caribbean to launch first passenger cruise from U.S. since pandemic no-sail orders“We’ve waited so long for this moment. And it’s here, and it’s magnificent,” Royal Caribbean CEO Richard Fain told CNBC. |
| Tractor Supply CEO says inflation and supply chain delays will be challenges for foreseeable futureTractor Supply has seen inflation in costs and significant delays in its supply chain, and the company’s CEO doesn’t think these hurdles will be temporary. |
| SpaceX aims to launch first orbital Starship flight in July, company president saysElon Musk’s SpaceX is “shooting for July” to launch the first orbital spaceflight of its Starship rocket, company president Gwynne Shotwell said on Friday. |
| WHO urges fully vaccinated people to continue to wear masks as delta Covid variant spreads“People cannot feel safe just because they had the two doses. They still need to protect themselves,” WHO official Dr. Mariangela Simao told reporters. |
| Here is how Richard Branson may try to beat Jeff Bezos to spaceBlue Origin plans to launch Jeff Bezos to the edge of space on July 20, but fellow billionaire Richard Branson may try to fly with Virgin Galactic first. |
| CDC says roughly 4,100 people have been hospitalized or died with Covid breakthrough infections after vaccinationAt least 750 fully vaccinated people have died after contracting Covid but the CDC noted that 142 of those fatalities were asymptomatic or unrelated to Covid. |
| Consumers have been eager to return to pre-Covid drinking routines, says Anheuser-Busch InBev CEOOutgoing Anheuser-Busch InBev CEO Carlos Brito told CNBC the brewer has changed its production back to a more “normal balance” of draft and bottled beer. |
| Nike shares surge more than 14%, hit record high as $50 billion sales outlook tops expectationsNike shares are surging after the sneaker maker forecast full-year sales topping $50 billion. |
| In Scotland, wave energy device reaches critical milestone, gears up for testingMarine energy’s current footprint is tiny compared to other renewable technologies like solar and wind. |
| Virgin Galactic jumps 35% after getting the green light from the FAA to fly passengers to spaceVirgin Galactic announced Friday that the Federal Aviation Administration granted the company the license it needs to fly passengers on spaceflights. |
| The UK’s Covid vaccine program and delta surge means it’s now a test case for the worldThe U.K. has one of the highest Covid vaccination rates in the world yet it’s seeing a surge in cases. Where the U.K. treads, others could follow, experts fear. |
| Indonesia’s health-care workers struggle with a ‘double burden’ as cases rise, humanitarian organization saysMedical workers in Indonesia are grappling with the pressure of caring for Covid patients while vaccinating the population, Edhie Rahmat of Project HOPE said. |
| Derek Chauvin Sentenced To 22.5 Years For Floyd KillingDerek Chauvin Sentenced To 22.5 Years For Floyd Killing Update (1500ET): Judge Cahill handed down a sentence of 270 months – 22.5 years – to Chauvin, with a credit for 199 days of time already served. The sentence is greater by 10 years than the 150-month (12.5 years) “recommended” sentence (represented by the average sentence for a second-degree murder conviction, the most senior of Chauvin’s charges). Before handing down the sentence the judge delivered a brief statement, insisting that his decision wasn’t based on public opinion, the sentence is not based on emotion or sympathy, but at the same time, I want to acknowledge the deep and tremendous pain that all the families are feeling especially the Floyd family…I acknowledge the pain not only of those in this courtroom but Floyd family members outside this courtroom…most importantly we need to recognize the pain if the Floyd family.” In addition to the order, the judge released a 22-page sentencing memorandum, which will be released shortly. * * * In a move that surprised the court and the thousands watching from home, Derek Chauvin was called to deliver a very brief statement Friday just before his sentencing hearing entered a brief recess. Though he said that his comments would be limited due to the ongoing federal civil rights investigation that could see him slapped with additional federal charges, Chauvin offered his condolences to the Floyd family – many members of whom delivered testimony at the hearing today – and said that there “is going to be some other information in the future that would be of interest, and I hope things will give you some peace of mind, thank you.”< … |
| Below The Market’s Calm Surface, Sheer Panic As Skew Soars To All Time HighBelow The Market’s Calm Surface, Sheer Panic As Skew Soars To All Time High With last week’s post-Fed tantrum seemingly a distant memory, spoos just hit a new all time high at 4,275 as low realized volatility helped push the VIX near new Covid-era lows…
… if not the lowest level. Indeed, with the VIX at 16.0, and volatility risk premium elevated, Goldman notes that short-dated hedges are not cheap – especially relative to historically low implied volatility for other key markets (1M SPX implied vol is 43rd percentile vs. the last 5 years, vs. HYG, EEM, and HSCEI all below 15th percentile). As a result, Goldman also sees “heightened potential for realized volatility to approach June’s lows, leaving the VIX with moderate downside.” |
| Portland Police Reassure Antifa That Man Shot By Police Was White To Avoid RiotPortland Police Reassure Antifa That Man Shot By Police Was White To Avoid Riot Authored by Paul Joseph Watson via Summit News, Portland Police moved to reassure Antifa extremists that a man they shot in the back was white in order to avoid a riot after it was erroneously reported the victim was black.
Yes, really. After a man allegedly armed with a screwdriver was shot by cops outside a motel in Northeast Portland, authorities moved quickly to announce that the suspect was not African-American.
|
| “Learn To Code” Pays Off: HFT/Quant Fund Earned Over $1 Billion In Chaotic Quarter“Learn To Code” Pays Off: HFT/Quant Fund Earned Over $1 Billion In Chaotic Quarter Remember when “learn to code” was racist, mysogynist, sexist, and/or homophobic and got some deplatformed from social media for hurting hard-working journalists feelings? No seriously, twitter did…
Well some of those that chose to “learn to code” just got a huge pay-day as Bloomberg reports that Hudson River Trading, a 400-person proprietary trading firm that specializes in equities and stock options, reaped about $1.2 billion from trading in the first quarter. Founded by alumni of the Massachusetts Institute of Technology and Harvard with math and computer science backgrounds, the firm describes itself as one that’s œbuilt by coders, led by coders. |
| Green list change prompts holiday pricing chaosPrices for some destinations doubled overnight but others are falling as demand and supply fluctuate. |
| Amazon and Google probed over efforts to stop fake reviewsUK competition watchdog begins formal probe into whether the internet giants have broken consumer law. |
| Inaccurate gas and electricity bills criticisedThe problem puts an extra strain on finances already affected by the pandemic, Citizens Advice says. |
| Salvadoran Bitcoin users to get $30 from governmentAccording to World Bank data, El Salvador received more than $5.9 billion in 2020 from nationals living abroad. |
| Caution in market even as analysts see indices hitting record highsTechnical charts and rollover data point towards Nifty50 crossing the 16,000 level soon but as the volatility indicator has plunged to pre-pandemic levels. |
| Can Dolly Khanna change the fortunes of this smallcap company?Despite Reliance ending in the red, benchmark indices closed with gains thanks largely to banking and financial stocks that did most of the heavy lifting. |
| 18 June 2021 ECRI’s WLI Growth Rate Modest Declines Continue
ECRI’s WLI Growth Index which forecasts economic growth six months forward was marginally declined but remains well into expansion. |
| Final June 2021 Michigan Consumer Sentiment Declined From PreliminaryWritten by Steven Hansen The final University of Michigan Consumer Sentiment for June came in at 85.5, down from the preliminary of 86.4, up from May’s 82.9, down from April’s 88.3, and up from March’s 84.9.
|
| Mark Hulbert: Sure, you can trade ETFs anytime – and that’s the problemMutual fund-only portfolios performed better than ETF-only counterparts. |
| Maine wants to take over its private electric utilities. Could other states follow?Maine citizens, who pay high rates and report low satisfaction with their existing electric utilities, may get the chance to vote on a public takeover of the two companies. |
| Capitol Report: Crypto congressman Warren Davidson sees momentum building for pro-bitcoin legislationRep. Warren Davidson has such a stellar reputation among crypto enthusiasts for his work promoting laws to nurture America’s burgeoning blockchain industry that Bitcoin Magazine dubbed him the “Crypto Congressman” — though to hear him tell it, he hasn’t exactly had a lot of competition. |
Written by Steven Hansen
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
