An attack was cancelled, so crude gave up five percent and the Dow booked a record. Thirty hours later crude is buying it back and equities are not. Both cannot be pricing the same thing.
...Crude gave up five percent because a strike was cancelled, then bought a third of it back overnight because a projectile hit a cargo ship. Equities kept the lot and added more.
...Crude fell off a cliff over the weekend because a bomb wasn’t dropped. I kid ye not. Stock index futures are gapping up small to none depending on the index, SPX is heading straight into the longer term range highs, and RUT is shrugging the whole thing off. Plus a Wall of Wins full to the brim to close out July.
...Crude gave back 5.46% because a strike was called off, not because a barrel moved. Iran’s ministry says the talks now underway do not cover whether Hormuz opens at all.
...Crude gave back 5.46% because an attack was called off, not because a barrel moved. Iran’s own ministry says the talks in progress do not cover whether Hormuz opens.
...Just when you think the bulls are locked up and the bears are loose, everything flips over and SPX lands right back inside the same tight range it was in before FOMC. A lite one today. The TnT setup can wait, the month paid anyway, and my bags are already in the car.
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