evening wrap, july 6
market vibes
Underscoring the mind-numbing silence that has enveloped the NY sessions since the end of the 2nd quarter, a diverting news item today was the probable cause hearing for Tyler Robinson accused of assassinating Charlie Kirk. I’ll cut to the chase and say it was a close second to watching August WTI trading for 10 hours in 1-minute tick data.
No disrespect to Mr. Kirk who has achieved an extraordinary posthumous place in history, RIP, but I think the presence of Trump’s son escorting Erica Kirk was unsubtle and prejudicial, but I could be wrong.
On another potentially prejudicial front the President asked Gianni Infantino to order a second red card review, something that has not been granted since 1962. Lest I be misunderstood, I am glad it was reviewed favorably after a no-foul call on the field and an ensuing reversal of same… and I am glad the guy will play tonight.
However… this pair of kerfuffles drew more attention to the president than the issues he chose to influence. The real issue, I think, is the cry-baby whining and fakery that notoriously shames the sport. Can you imagine the Bears or the Raiders rolling around boo-hooing on the field like kids on a playground? Caitlin Clark… is a role model, bigly.
in the markets
Metals inched higher because DXY inched lower. Silver deliveries normalized. S&Ps rallied a few ticks on the lightest volume since April 1. Thirty-year yields crept above 5% again. Short-dated yields fell.
On the NYMEX RBOB and heating oil rallied and WTI was unchanged at $68.50, lifting the spot 3/2/1 crack to a new all time high of $185.38 for an implied margin of $117.00 per barrel. For perspective WTI was trading $48 and the crack was trading $74.57 on December 31 for a notional positive margin of $26. Bitcoin is up 10% in July. Grains don’t like this weather.
Hot weather in Europe raising hell with the French corn crop.
my vibe
It is kind of crazy that they make these guys pretend injuries to scam an edge. They do know that we know. Right? I guess they must and they do it anyway. Btw FIFA, we already have the WWE.
It is ironic they pilloried a great player like Pete Rose for betting on his own team and the biggest bets in sports-betting history are going down on USA and Belgium tonight. No doubt the odds on America were longer today, before the President made his call.
Short and sweet tonight. Maybe something will develop in the markets tomorrow.
KSA OSP falls to -$1.50 lowest since 2020…
stevie ray vaughan… wish you were here
night all… good luck in Asia…
JJ
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Discussion about Trumps move (Infantino) gets the worst imaginable coverage in EUR. Yet none of those yelling are likely to remember that more or less every World Cup was bought, as soon as Sepp Blatter entered the presidency in 1998. Including GER, Quatar, Brazil. Infantino is a true miracle. Started as the clean new Leader, he managed to be even more corrupt than his predecessor.
On the staging of these "Sportsmen" it has become almost similar to Wrestling. And there is an old knowledge. If these scumbags were to do a fitness training with top handball players
they would be lying on the floor after max 30 minutes while, the handball players would continue for hours. The latter receiving ridiculous sums for their performance.
Boys were flat; no juice. It was a great run. Lots of great games ahead I am hoping.