evening wrap
market vibes
October 7 …)
“I’m the straw that stirs the drink.” Reggie Jackson 1977
Billy Beane with Brad Pitt and Jonah Hill. One of the best stories ever told, because it happened.
I am sorry to say the weather news was not good today, Helene’s wrath is still ruinous. Milton is racing across the gulf at CAT 4 speed with a CAT 5 landfall expected on Wednesday evening. Tragedy and suspicion beset FEMAs funding issues.
On a brighter note the Yankees are in the playoffs the Reds are hiring Terry Francona. The Tribe clinched in September. The Phillies and Mets were brilliant last night and I don’t even like them! At least, when everywhere you look the sht is hitting the fan we still have baseball.
In that context the stock market was up for the early part of the session and faded anesthetically towards the bell falling 50 handles. I wonder why? Metals had a similarly narcotic day ending soft as well. Oil had a ferocious rally because hurricanes are what…good for demand? Whatever. Sooo, let’s look at oil since it’s the only market with a voice.
WTI is +17% in 5 days, an enviable year for most assets. I have no clue why. Something about nuclear war. Open interest is dumping meaning AUM has left the building and volume is meh. Maybe the buyers are insiders and just you wait when all the news is out, we can say aha. Otherwise, this thing is a Wiley e coyote about 10 yards off the cliff. No thanks please.
In other markets…
