At 9:25 a.m. ET futures are slightly higher and the price of oil per barrel is up. The market is poised to open slightly higher.
Notice that oil is now trading at $53 and change, that is relatively high for the last two years. Italian bank Monte dei Paschi is in trouble and looking for a bailout. The bank was founded in 1472 and is the world's oldest bank. Today we get numbers on homes sales and on consumer confidence, which is my favorite metric of all. Because what is confidence if not for consumerism. Consumer confidence is almost a modern psychological state of being, we find our confidence in our material possessions and our ability to buy those possessions. What better way to describe life in a materialistic, consumerist society than to call it consumer confidence. Be confident oh consumer, be very confident.
CNN: Toshiba shares tank; A bailout gets bigger; Consumer confidence by Alanna Petroff
The world's oldest operating bank -- Monte dei Paschi -- continues to work on securing a bailout from the Italian government.
2 comments:
The hedge right now is on the return of $4 gas under Herr Trumpf as the EPA and the other agencies try and crush the nascent EV market with new regulations. The OIL Barons have to stop progress in the battery markets or go out of business. Of course, what they don't realize is that Herr Trumpf's destruction of the Free trade deals will allow other countries to forge ahead in that direction and leave the US in the dust. My guess though is that foreign EVs will be kept out of the US the same way cheap Pharmaceuticals are banned. So much for a LOL FREE Market. The morons though keep buying CRONY Capitalism as a free market idea what idiots.
I see the Trump presidency as the last ditch attempt to make money off oil and to rape as much of the vulnerable assets out there that they can think of. The alternative energy field is growing and there's no holding it back. They can postpone it for a decade maybe, maybe more, but eventually there's no way around it. The younger generation is building on green energy progress. Trump is a dinosaur who doesn't know he's a dinosaur.
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