evening wrap, may 27
market vibes
Trading on Wednesday was more or less ordinary, gold and silver went down, bonds went up again and stocks made new all time highs. Crude went lower for a 5th day. Gasoline and especially gasoline spreads fell hard.
Although this next post below is linked to a paywall, market vibes readers won’t need to read further to glean its meaning.
In political news: Trump is 117 wins for 117 endorsements. This fact which has been significantly under-reported, changes one’s POV on negotiations in the SOH. If the mid terms are entirely a proxy election for Trump and they are… his base is unshakably loyal. This is like the Yankees playing 33% of the season and winning every game 117 to zero.
*8-for-8 in Senate races
*101-for-101 in House races
*8-for-8 in Governor races
At the anti-fraud roundtable yesterday Steven Millers said this: “I believe based on what I’ve seen and what I’ve heard is that we could balance the federal budget if the only dollars that went out of the Treasury went to individuals who are properly, lawfully, correctly eligible to receive them.” There is no doubt fraud in politics is rampant. I wonder if the country can survive a purge.
On that dictum…A former senior CIA officer was arrested for stealing 300 gold bars worth $40 million.
Last up …. We have more than a few interesting links in the vibe tonight. AI is suffering a spate of accelerated decrepitude or worse for investors… a Benjamin Button syndrome.
in the markets
Spot month NYMEX gasoline is down 20% in 6 sessions. Aggregate rbob open interest is down 40% in 2026. This is weird behavior for a market pricing a shortage. Usually money goes into bull markets. It doesn’t run from them.
