everything is up but bitcoin
market vibes
January 22…)
“It never eats as hot as it cooks.” German proverb
in the news
Oil Price says U.S. refiners are buying Venezuelan crude at a discount to Brent of $8.50 to $9.50 per barrel... or circa $4 under WTI. Earlier this month, U.S. Energy Secretary Wright said that the first sales of Venezuelan crude were priced to bring in some $500 million at a price $15 below Brent crude... at $50 a barrel, about 10 mm barrels. So a lot more to come.
China is importing record numbers of LNG. Halliburton reported 69 cents a share for the 4th quarter, beating handily a 55-cent estimate. Oil is doing fine at $60... it might do better at $50.
Jamie Dimon stridently opposed the cap on credit card interest rates yesterday at Davos. The media is criticizing Trump for “meddling” in “free” markets at his behest. Congress will probably block it, in my opinion, but it’s a win for Trump even if he loses... especially if he loses.
According to Peter St. Ong on X: “21 million Americans went to college and still earn less than $20 an hour. College grads now make up a record 25% of the unemployed. And their unemployment rate is higher than that of high school grads.” What is a good way to get short Harvard? Asking for a college grad.
in the markets
Trump made a point of banning defense contractors from buybacks for a year because they’re taking 3 years to fill orders with a $1.5 trillion military budget?? Lockheed Martin is having a blowout January.
Typical, and healthy technical development in gold seems to be continuing this morning. Rising volume and rising open interest are positively correlated with prices. We like that…
If gold trades under yesterday’s lows...(a down rotation) ending the surge of higher highs and higher lows... that might be an indication that some kind of horizontal activity is possible. Honestly, we’re getting spoiled.
Silver prices are steady entering the NY session.
