It’s a good thing I didn’t look at my iPad in the middle of the night, because I would have flipped out. When I went to bed, the ES was down 16 points. At one point during the night session, crude oil and the ES has almost entirely erased their post-Doha losses.
I couldn’t believe the action overnight. When I first saw it, I had to assume that the Doha participants had sent out a press release saying it was all a big misunderstanding, and they, in fact, had a signed deal. But…………no. There was no reason (except, probably, for central bank frantic buying of every asset in sight) for the bounce. Just……………..bizarre.
As you can see, oil almost completely healed its wounds from Qatar.
And, in turn, since the ES has fully accepted the perverse notion that expensive oil is fantastic for corporate earnings, it followed right along.
Maybe this allowed the nonsense brigade to get their work done early. Who knows. I’m glad to see red numbers, but sheesh, I was really expecting something more dramatic than this, considering the total fiasco that just happened in Qatar.
