evening wrap, august 25

market vibes

“What you do not change, you choose.” Bruce Lee (Jefferson Memorial Washington, DC)

Trading in NY on Monday was, as usual, a little too quiet and typically weird. It’s almost as if Friday didn’t happen. Actually, the stock market is starting to feel a lot like Florida real estate in March 2023. Everyone out is getting in, while everyone in is getting out. Gold, on the other hand, is just the opposite. Everyone in is staying, and everyone out is never getting in. Oil is a bullish glut because Trump, in his zeal to sanction anything he can’t fix, is raising the price of oil again because… he truly believes the way to end the war is cheap oil. So, let’s get started with oil.

WTI rallied around 2% today. Peace talks in Ukraine are at a standstill, and the war goes on. Therefore, the sanctions go on, although Russia seems impervious to them. India is insulted by them, and I doubt any American could care less. In an ad hoc presser in the Oval Office today, Trump spoke favorably about Putin in reply to a question about peace negotiations.

(NYMEX October WTI daily data chart below)

More on oil straight ahead, stocks in limbo until Wednesday, Bitcoin accelerating lower with technical authority… the dollar rallied … and robot love in the vibe. Here we go!