the come line
market vibes
July 25…)
“No Jay. That’s $3.1 billion. Carry the 9 and add this column.”
June economic data this morning includes Durable Goods expected -10.8% vs +16.4%. Baker Hughes reports oil rigs and total rigs at 1:00 PM EDT.
In the news
Diesel-refining margins are expected to stay elevated due to a global processing crunch, according to a note from Goldman. "The market is particularly tight in Europe and the US." Charts say not, in my opinion. More on that in a minute.
Michael Saylor launched a new kind of preferred stock called Stretch, which promises buyers a 9% annual payout with no end date (what can go wrong?). The deal was upsized from $500 million to $2.8 billion, and terms allow Saylor to tweak the dividend, according to a person familiar with the transaction (Yahoo).
The DOJ announced the formation of a "Strike Force" to investigate Obamagate. At this point, all the words and facts have been chewed and swallowed for a decade. The process has begun to digest it in the courts. Some say the 2016 issues are the hors d'oeuvres. The main course is the 2020 elections.
Polymarket has Mamdani leading by 73%, Adams: 14%, Cuomo: 12%, Sliwa: 1%.
In the markets
SSDD in S&Ps this morning. Maria B. is trying to defibrillate the cadaver with happy talk on Fox Biz. Whatever. She's paid millions, so take it with a little salt.
OI went up yesterday, besting the high for July by 15k lots (wee-o). In my opinion, the S&P is a place where everyone is waiting for someone to buy more NVIDIA, but … don't look now, the Dow is a graveyard. Money can be made climbing walls of worry as long as you are climbing a trend. When you get to the top, well, you stop climbing.
Next up the prodigal relic returns, another SLV Friday in silver, to fish or cut rates in DXY, an intermediate tutorial on butterflies in the oil curve, and an idea if biction can do it… plus money on the come in the vibe. here we go!
