……OPEC might cut output, kinda, sorta. Congress overrides veto to sue Saudis. Senate approves CR funding. Janet Yellen testifies. Wells Fargo claws back a pittance. California cuts ties to Wells. The Arizona Republic is with Hillary. Durable goods flat. ABInBev’s global domination of beer. RBS fined. No rescue plan for Deutsche Bank. Tyson chicken nuggets now fortified with plastic. The inevitable end of the crackberry. Financial Review by Sinclair Noe for 09-28-2016 DOW + 110 = 18,339 SPX + 11 = 2171 NAS + 12 = 5318 10 Y + .01 = 1.57% OIL + 2.34 = 47.01 GOLD – 5.60 = 1322.40 Today started as a regular day: stocks were trading just a bit lower but no big moves. Fed chair Yellen was speaking on Capitol Hill, an economic report on durable goods – kind of a quiet day really. Then came word from Algiers; remember the big oil summit? Reuters reported that two sources in the Organization of the Petroleum Exporting Countries said the group would reduce output to 32.5 million barrels per day from current production of 33.24 million bpd. How much each country will produce is to be decided at the next formal meeting of OPEC in November, when an invitation to join cuts could also be extended to non-OPEC countries such as Russia. The price of oil popped by about 5%. That was the knee-jerk response, but let’s dig in. First, we know that OPEC members are notorious for violating production limits. Next, there is ...