This market can only focus on one bullish idea at a time. And it just feeds Everything Else to the hungry bears. Today the market decided that oil is going to the moon, because it did show a huge draw down. Actually, to be fair to the oil traders, it took crude up nearly 2, a reduction of 4. 5 million barrels. Its the second biggest in hist this reduction is amazing. No one saw it coming. Weve heard over and over and over again that theres way too much oil, so theres a gigantic glut. Every now and then, some combination of countries had decided that oils fallen enough. You hear chatter about an emergency opec meeting or two takes it from the low 40s to the high 40s. Before a new flood of american oil hits the market. Those past rallies were all big con jobs. But Oil Inventories are not a con job. This number tells us that the reports that theres no more room to store oil may be greatly exaggerated. Reports that were overrun with imports may be untrue. What happens . The whole oil compl
This market can only focus on one bullish idea at a time. And it just feeds Everything Else to the hungry bears. Today the market decided that oil is going to the moon, because it did show a huge draw down. Actually, to be fair to the oil traders, it took crude up nearly 2, a reduction of 4. 5 million barrels. Its the second biggest in this reduction is amazing. No one saw it coming. Weve heard over and over and over again that theres way too much oil, so theres a gigantic glut. Every now and then, some combination of countries had decided that oils fallen enough. You hear chatter about an takes it from the low 40s to the high 40s. Before a new flood of american oil hits the market. Those past rallies were all big con jobs. But Oil Inventories are not a con job. This number tells us that the reports that theres no more room to store oil may be greatly exaggerated. Reports that were overrun with imports may nt be possible. What happens . The whole oil complex goes completely nutty as is
The docket. Releasing weekly report on mortgage applications. Thats coming at 7 00 a. M. Eastern time. Then at 10 00 a. M. Look for july existing home sales which are forecast to drop nearly 1 after rising more than 1 back in june. Form suit Pharmaceutical Company agreed to sell part to pfizer. That deal involves three already approved antiboy yachtics. You may remember has rejected 118 billion dollar off back in 2014. Check on the market this is morning. Mostly flat. Europe was a bit higher. Started out as a positive session yesterday after europe did pretty well. Moderated gains. Up a little yesterday, the dow. Futures were up. The ftse is the only one down now. Germany, france, italy and spain all trading higher. Not much happening in asia. Shanghai staying above 3,000. For a while we were worried about what was going to happen in the shanghai market. Then oil, which, in my mind if it stays between 40 and 50, i dont see how that gets correlated to Everything Else in the world. It wa
That heads toward the great lakes, and this is going to eventually bring us rain and storms coming tomorrow. And mid60s late day with mostly cloudy skies coming up in weather i will give you detailed time line of when i expect the rain in here, and when i expect the rain out of here, and when theres a best chance of seeing the storm move today ask tomorrow. We have only had one small problem this morning and its clearing out of the way, so lets look at a couple of different spots. Let start looking at warren county. Volume of traffic picking up there, but so far no reports of any problems. Cincinnati dayton road, and volume of traffic is carting to pick starting topick up particularly in the southbound direction. Going out to the eastside, 275, 74 woaft side, near north bend road, no problems, either. No matter where we look on the roads this morning, were moving along just fine. Right now two suspects are dead and a manhunt is underway for a third man wanted for the terror attacks in
That a good or bad idea . Voices on both sides of that issue. We have the latest and you get to chime in on whos right in that battle, as well. You can see on an otherwise up day, all the table stocks are lower. The president in china at a quick summit announcing a visa program thats expanded and on the same day china is the top suspect in a massive hacking attack on the u. S. Postal service affecting more than 800,000 postal workers. Can we have truly normal economic relations with china while they continue to hack america at will, seemingly . Looking for one Great Holiday deal this year, dont look for it on black friday. Thats right. Turns out the best deals come on a different day. Which one . Which one . Well tell you later. Not one i thought if thats an indication. I thought it was all right, all right. Not the one you thought. An hour to go here into the close and talking about alltime highs on the indexes. The dow up. S p adding and the nasdaq with a gain to 4648. We have kim fo