Written by Gary
Short-term investors and traders are in a very risky zone (SPY +0.2%). DOW ends lower for a third straight day as stocks post mixed finish.
The Market in Perspective
Here are the headlines moving the markets. | |
U.S. Refiners Are Making A ComebackThe pandemic very likely hit the downstream oil even more severely than exploration and production and led to longer suffering. But now, things are finally beginning to look up for U.S. refiners as people take to the roads while oil prices retreat from multi-year highs reached earlier this year. In late July, Reuters reported that refiners were about to report their first profitable quarter in a year as demand for fuels recovered almost to pre-pandemic levels in the world’s largest consumer of oil. At the time, the top three refiners in the countryValero, | |
Saudi Arabia Raised June Crude Oil Exports To Five-Month HighSaudi Arabias crude oil exports hit a five-month high in June at nearly 6 million barrels per day (bpd) as the worlds top oil exporter, and the entire OPEC+ group continued to ease the cuts amid recovering global demand. Saudi Arabias crude oil exports in June rose for a second consecutive month to reach 5.965 million bpd, data from the Joint Organisations Data Initiative (JODI) showed on Thursday. Thats the highest export volume since January 2021 and compares with 5.649 million bpd in crude oil exports for May 2021, | |
Asia Sees Stunning Setback In Jet Fuel DemandInternational aviation restrictions are still preventing jet fuel from recovering as fast as other oil products, a Rystad Energy analysis reveals. Most of the demand destruction seen in road fuels since the outbreak of the pandemic has now been reversed, and jet fuel has thus become by far the top laggard that is keeping total oil demand from recovering to pre-Covid-19 levels. Asian jet fuel demand in particular just slipped to below European levels for the first time since July 2010, a stunning setback as it had been about 50% ahead in January | |
Hezbollah Warns U.S., Israel Not To Stop Iranian Oil To LebanonLebanese Shiite group Hezbollah, backed by Iran, warned on Thursday the United States and Israel not to try to interfere with a shipment of Iranian fuel oil that is en route to Lebanon. The vessel carrying fuel oil from Iran is considered Lebanese territory since the moment of departure, said Sayyed Hassan Nasrallah, the leader of Hezbollah, which organized the oil shipment. “We don’t want to get into a challenge with anyone, we don’t want to get into a problem with anyone. We want to help our people,” Nasrallah said in a televised address, as | |
Biden Faces Off With Big Oil Over Drilling AuctionsThe ongoing situation for 2021 in the U.S. appears to be Big Oil versus Biden, as once again major U.S. oil industry groups are suing President Biden for halting drilling auctions on federal lands this year. This has been a long-standing issue since President Bidens inauguration, with Republican states and Big Oil fighting for their right to continue with new leases while oil and gas demand remain high, as Biden responds to the green policy promises from his election campaign. During the national election, Biden assured environmentalist | |
Environmentalists: Up To 84% Of Texas Flaring Not PermittedBetween 69 and 84 percent of observed methane gas flares in Texas were unpermitted, environmental group Earthworks said in a report published on Thursday, which says the Railroad Commission of Texas “systemically fails to regulate flaring.” For the report, Earthworks compared RRC’s flare permitting database against 227 flares directly observed and recorded during helicopter flyovers with optical gas imaging cameras. The cross-reference showed that 69-84 percent of observed flares did not have required flaring permits, Earthworks says in the report, | |
EV start-up Lordstown Motors’ shares hit 52-week low following brief annual shareholder meetingLordstown Motors’ annual shareholder meeting started at noon and lasted less than 10 minutes. | |
Scientists blast U.S. push for Covid vaccine booster shots as premature, say data isn’t compellingWhile data suggests there is a reduction in protection against mild and moderate disease, the shots still held up well against severe disease, scientists said. | |
Florida and Texas open Covid antibody treatment centers as delta surge overwhelms hospitalsTexas Gov. Greg Abbott is getting firsthand experience with Regeneron’s antibody treatment after testing positive for Covid earlier this week, his office said. | |
‘Jeopardy!’ host Mike Richards apologizes for derogatory comments made on old podcast“Jeopardy!” host Mike Richards issued another apology this week after derogatory comments made on a podcast he hosted from 2013 to 2014 were made public. | |
CDC director says we might not need annual Covid boosters after third shotCDC Director Dr. Rochelle Walensky said Thursday that Americans may not need yearly Covid-19 booster shots. | |
American Airlines extends alcohol ban in main cabin through Jan. 18 ” when federal mask mandate expiresAirlines and federal officials are increasingly concerned about a recent surge in unruly passenger behavior. | |
Victoria’s Secret shares tumble, Bath & Body Works rises after first post-split earnings reportsVictoria’s Secret said its sales have yet to return to pre-pandemic levels, while Bath & Body Works is optimistic about its fall and holiday lineup. | |
Southwest pilots union weighs holiday airport pickets to protest fatigue, lack of hotelsSouthwest pilots’ union is considering holiday airport pickets to protest fatigue and a lack of hotels. | |
Macy’s CEO Jeff Gennette says shoppers’ reaction to delta variant leads to urban-suburban divide in store trafficMacy’s says consumers across the country are shopping differently, dependent upon where they live and how high Covid cases are in the area. | |
GM to add AT&T’s 5G connectivity to vehicles starting in 2023The upgrade is expected to enable greater connectivity for in-vehicle systems such as infotainment, navigation and most importantly, over-the-air updates. | |
Chipotle is testing a meatless chorizo alternative in two marketsChipotle Mexican Grill announced Thursday that the burrito chain is testing meat-free chorizo in Indianapolis and Denver. | |
Kohl’s shares surge after earnings top estimates, retailer raises forecast as higher foot traffic drives salesKohl’s said its higher forecast positions the department store to achieve many of its 2023 strategic goals this year, well ahead of plan. | |
Fires, probes, recalls: The shift to electric vehicles is costing automakers billionsThe issues range from recalls due to vehicle fires or loss of power to cars not starting. The problems can prove especially costly when they involve batteries. | |
Traders Buy Bonds, Bitcoin, & The Buck As Gamma Sparks Stock ChaosTraders Buy Bonds, Bitcoin, & The Buck As Gamma Sparks Stock Chaos A quiet macro day (positive claims data, weak Philly Fed, and positive LEI) allowed the algos to get back to work after yesterday’s Powell pummeling in stocks. Nasdaq was levitated all the way back to unchanged from pre-FOMC-Minutes, but that was all the algos could manage. Bonds remain best since the Minutes and gold slipped back to unchanged as the dollar spiked… An ugly overnight session in futures was quickly wiped out as the cash markets opened, with The Dow managed to get back to even but failing there before the wheels started to come off again. But that dip was bought and The S&P, Dow, and Nasdaq all went green again… only to be sold into the close… | |
Relief For Shippers As Ningbo Port Nears ReopeningRelief For Shippers As Ningbo Port Nears Reopening By Eric Kulisch of Freight Waves, Chinese authorities are expected to begin a phased reopening of a container terminal at the massive Port of Ningbo by the end of the week if no further COVID infections are detected. And the overall effects on ocean shipping so far have been less than originally feared, according to logistics and freight data providers monitoring the situation. A Maersk container vessel at the Port of Ningbo. Maersk says its vessel schedule has not been greatly impacted by the reduction in port capacity. (Photo: Flickr) Last week’s closure of the Meishan Island Container Terminal after a worker tested positive for the virus put global supply chain managers on edge over a possible repeat of the month-long slowdown at the Yantian terminal in Shenzhen earlier this summer. That incident caused huge shipping … | |
“Delusional Insanity”: Biden Says It’s The Taliban Going Through An “Existential Crisis”“Delusional Insanity”: Biden Says It’s The Taliban Going Through An “Existential Crisis” During the ABC News interview of Joe Biden on the Afghan fiasco with George Stephanopoulos which aired Thursday, the US President seemed to be viewing the still unfolding crisis through the prism of a complete alternate reality. As we detailed earlier not only did he angrily brush aside the tragedy of Afghan civilians falling to their deaths after they literally clung out of desperation to departing US aircraft, but he again managed to blame everyone but himself for the botched ‘evacuation’. Elsewhere in the interview he actually said it was the Taliban now having an “existential crisis” – and not the retreating US under his administration.
” œLet me put it this way: I think they’re going th … | |
The Fed Stabilizes The Economy?The Fed Stabilizes The Economy? Via SchiffGold.com, According to the Federal Reserve, it exists to œstabilize the economy. Does it though? Despite inflation coming in hotter than expected month after month this year, Federal Reserve Chairman Jerome Powell assures us we need not worry. This surge of inflation is œtransitory. But even if it isn’t we still don’t need to worry. He assures us that if inflation does prove to be significant and œmaterially above its 2% goal, the Fed will use its tools to guide inflation back down. Peter Schiff says this is nothing but a bluff. The Fed won’t fight inflation, because it can’t.
Loyola University Chicago finance professor and Truth in Accounting director of research Bill Bergman isn … | |
Chip shortage: Toyota to cut global production by 40%The world’s biggest carmaker will cut output in September, while VW warns it may have to make further cuts. | |
Amazon ‘planning to open department stores in US’According to reports, the e-commerce giant wants to branch further into High Street retail by opening several big stores. | |
Car use back to levels seen before first lockdownThe data is likely to intensify debate about how to get people out of vehicles and on to public transport. | |
Morgan Stanley sees RBI hiking rates in each of the four quarters next yearThe research house said in the beginning of the next year, India will join four other Asia-region economies–Australia, South Korea, Indonesia and Malaysia–which will begin policy normalisation, whether in form of rate hikes or tapering of bond buying programmes. One of the biggest risks to the market is rising inflation, which many see will force economies to take action. Many officials at the US Federal Reserve have said the tapering should begin by the end of the current year. | |
Real estate stocks may be in for a treat as sales likely to peak in 2023Mumbai is likely to comprise a 28 per cent share of total sales and nearly 30 per cent of new launches. Bengaluru’s share will be 20 per cent and 17 per cent, respectively while Delhi-NCR may comprise an 18 per cent share of sales and 15 per cent of new launches, as per estimates. | |
Short term investors & traders in a very risky zone: Sandip SabharwalœShort term investors are in a very risky zone as the broader market has cooled down. People who do not have a very long term horizon, should be wary of hospital and diagnostic stocks which have very high valuations, at this point of time. | |
ETF Wrap: The case for sinking Cathie Wood’s Ark “here’s how one ETF provider outlines the short thesisEvery week we highlight the most timely exchange-traded fund news, from new launches to inflows and performance. | |
Outside the Box: A pathway to citizenship could create 400,000 new jobs, but only if Congress actsImmigration reform is the right thing to do, but it’s also an economic imperative. | |
Bond Report: Long-end Treasury yields fall as growth worries pressure stocksTen- and 30-year Treasury yields fell Thursday, pressured by worries about the spread of the delta variant of the coronavirus that causes COVID-19 on the economic outlook even as minutes of the Federal Reserve’s July meeting, released a day earlier, showed most policy makers in favor of beginning to scale back stimulus this year. |
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