Good morning. It is 63 degrees and sunny here in the Upper Hudson Valley, the forecast predicts a sunny day with temperatures in the 80s this afternoon. It is the last official day of Summer, enjoy it while it lasts. Everyone is curious about what type of climate changed Winter we will have this year. Will it be a no Winter like last year, with hardly any snow and more moderate temperatures. Or will we have another extreme Winter like the one from two years ago, with endless snow and extra-freezing temperatures. Who knows. Tough night as people in Charlotte, North Carolina were rioting over the killing of an innocent black man by the police. I'm reading that the cop responsible is a black man. One suspects that a Trump presidency will go along with a lot of rioting.
At 8:40 a.m. ET futures are moderately higher and the price of oil per barrel is up now trading around $45. The market is poised to open moderately higher.
It's a big Fed day as investors wait to hear from Janet Yellen this afternoon. I'm reading that the chance of a base interest rate hike is around 12%. But you never know. The Bank Of Japan is trying out a 0% interest rate yield 10 year bond in an effort to improve their economy and this move is helping to boost markets this morning.
CNN:
Japan lifts markets; Fed up next; oil prices rise by Alanna Petroff
All eyes will be on the Federal Reserve's interest rate decision at 2 p.m. ET, followed by Janet Yellen's press conference 30 minutes later.
2 comments:
Oil seems stuck between $50 to $25 a bl. these days with a decided long-term downside pressure pushing on it now. It's just a matter of time before the Planet is forced to adopt a serious CARBON tax to mitigate the external costs of using this crap to power, heat/cool and feed ourselves. Coal is already being abandoned in many regions and Oil is not far behind. Methane sadly is still being viewed incorrectly as a clean alternative to the other two. It's decidedly NOT cleaner in any way save it has little or no sulphur in it. The irony of that is really nasty as well. As you switch to burning methane the skies clear and even more sunlight is able to enter the lower atmosphere. This is because Coal in particular and high sulphur oil have a silver lining ( no pun intended) in that the sulphur literally acts as a huge mirror reflecting sunlight back out into space and cooling the planet. So these substances are both our doom and in the short our saviours. Take away the sulphur and it gets even hotter in the short. Methane's other downside is in the short term its 80Xs as potent a GHG as coal or oil in its ability to trap heat. We need to go off all these substances and develop technologies fast to start sucking this stuff back out of the air ASAP or else we're going to see a rapid spike in the warming. Actually, the last 18 most. are already showing that it's very likely already underway. ( NASA has announced that the last 18mos. each most. has been a record for heat planet wise.) This is the moment in time scientists have been talking about for decades. They've been warning us that at a certain moment we'd enter the sharp upward spike in the heating curve. Exponential heating has begun and with it a rapid increase in the meltdown in the Arctic, Antartica and Greenland Ice sheets. ( increasing sea rise rates and drowning coastal regions and cities the direct result of this .)
I'm sorry to say but from a humanistic, reasonable, and philosophical/ecological, survival point of view, you are completely correct and I agree with you. But purely from an investment point of view, the money, I don't see oil drifting away. I follow the market like a hawk and take a day like today, small oil spike, was down to 43.50 now this morning, up around 45, and bam, the market spikes. Investors are literally biding time waiting for an oil spike and I believe we will get another one. It's interest, my house is very old and has a one car garage. Newer houses in the area all have two car garages. When we go into the new $500,000 areas, all have three car garages.
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