Financial Review

Take the Overs


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Oil bull. Fed jawbones for rate hike. Singer’s bubble. Brexit sets a date. Whistleblower not in it for the money. Valeant is the next Enron. Robocall Strike Force. Take the Overs. Financial Review by Sinclair Noe for 08-19-2016 DOW – 45 = 18,552 SPX – 3 = 2183 NAS – 1 = 5238 10 Y + .04 = 1.58% OIL + .27 = 48.49 GOLD – 12.50 = 1340.60 Oil has entered bull-market territory, as both WTI and Brent benchmarks extended their gains past 20 percent over the past three weeks, and up over 8% for the week. The rally has been fueled by speculation OPEC is poised to freeze production, divisions between major powers over output targets remain ahead of next month’s meeting in Algiers. Saudi Arabia reported yesterday that it hiked its oil and refined-product exports to the highest level for June ever recorded, at 8.8 million barrels a day, as the kingdom seeks to grow market share and address its budget deficit. The S&P GSCI Crude Oil Total Return is up 15.2%, its biggest six-day gain, ending Aug. 18, 2016, since the six-day gain of 16.1%, ending on Apr. 13, 2016.   A side note: yesterday we got state-by-state reports on July Jobs figures (the national report comes out on the first Friday of each month and about 10 days later we get the breakdown by individual states). As we reported yesterday, Arizona’s unemployment rate rose 0.2% to 6%. You might think the oil producing states have suffered huge job losses; well, yes, but not so bad. ...
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Financial ReviewBy Sinclair Noe