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Saudis ramp up oil production

Saudis ramp up oil production

The first tankers in what looks like a long fleet of tankers are loading now in Saudi Arabia on their way to Europe and the United States in April. The Saudi government looks to be making good on its announced increase in output to a record 12.3 million barrels a day...
Positive coronavirus news from Abbot and J&J

Positive coronavirus news from Abbot and J&J

Johnson & Johnson (JNJ) said today that it will begin human testing of its experimental vaccine for the coronavirus by September and that clinical data on its effects is expected before the end of the year. If the vaccine works well, the company said it could be...
This is the best 3-day rally since–ready for it–1931

This is the best 3-day rally since–ready for it–1931

Okay, you knew the punchline was coming. After dropping 11.9% in 1929 as the Crash and Great Depression got rolling, the Standard & Poor’s 500 fell 28.5% in 1930. And then, in 1931, it staged that big short-term rally that we’ve just surpassed. After...
This is the best 3-day rally since–ready for it–1931

Buy on the rumor, sell on the news in this bear market

As I write this at 1:20 p.m. New York time on Wednesday, March 25, the Senate is debating the $2 billion (or is it even more now?) coronavirus rescue bill. The consensus is that the chamber will vote and pass the bill sometime this afternoon and then send it to the...
Fed to provide “infinite” money to credit markets

Fed to provide “infinite” money to credit markets

Today, March 23, the Federal Reserve announced that it would backstop all credit markets in the United States without limits. The Fed said it would purchase Treasuries and mortgage-backed securities “in the amounts needed to support smooth market functioning.” In...
Fed move leaves yen as last safe haven standing

Fed move leaves yen as last safe haven standing

The Japanese yen soared 2% Monday after the Federal Reserve announced that it would cut interest rates and add $700 billion to its balance sheet by buying Treasuries and mortgage-backed securities. The dollar was down 0.66% Monday against the DXY Spot Index, a basket...
More liquidity from the Fed helps reassure financial markets

More liquidity from the Fed helps reassure financial markets

The Federal Reserve is launching a special fund to keep credit flowing in the short-term commercial paper market that many companies use to raise cash for day-to-day operations. (Commercial paper generally matures in fewer than 270 days.) Starting today the Fed will...