Good morning. It is 42 degrees, dark, and overcast here in the Upper Hudson Valley, the forecast predicts a 'fair' day with temperatures in the high 50s this afternoon. That is unseasonably warm. Is the time flying by or what? Here we are in December, soon to enter 2017 and the start of the President Donald Trump administration.
At 9:25 a.m. futures are moderately higher and the price of oil per barrel is up. The market is poised to open moderately higher.
Notice that oil has quickly jumped to over $50 a barrel. It is thought that the present oil rally is not sustainable and sooner rather than later, oil prices will decline in spite of any deal to cut production. Notice that first time weekly unemployment layoffs have slightly ticked higher. Regardless, the unemployment rate is considered very good and that combined with very mild inflation will more than likely cause the Fed to increase the base interest rate in mid December.
Reuters: Jobless claims hit five-month high, but layoffs low
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It's hard to see what effect a Trumpf admin. is going to have on OIL prices in the short term, but nothing has changed as far as it's long term prospects are concerned. Even if the US decides to be incredibly stupid by trying to kill off alt. energy expansion the rest of the world will just forge ahead and we'll end up a backwater addicted to Fossil energy long after most of the rest of the 1st world makes the transition to solar, wind , hydro-thermal etc. and especially after it switches to EV s and abandons internal combustion vehicles. Trumpf will probably stall progress is my guess and slow it down, but he won't be able to stop it.
I agree - stalling progress is apparently why he was elected. He's perfect for the job too - mocking his enemies, he's got big bad megaphone now, and he in unconscionable, he'll say whatever needs to be said to push his agenda.
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