If you are in front of a screen at 6:10 am tomorrow (Tuesday), I’ll be on Bloomberg TV (US) for a quick Fed/Oil/Markets discussion . . .
UPDATE June 28, 2005 6:40am
A shrewd observer passes the following along:
Having gotten slapped around on Thursday when the tides turned suddenly, the Punditsyare now crying “Crude” all over the place; the S&P 500 has given back its narrow gain on the year and now stands year-to-date, -1.68%. Just like that.
Question: Crude printed $59.70 on April 4 (July basis; printed $60 August basis the same day). The Transports, having made the high for the year on March 8, were still a lofty 3717 when Crude made the high tick back in April.
So why is $60 Crude bad for Transports now? Why were we able to overlook these prices just a couple of months back? Is there that much more of a negative economic impact with Crude at $60 than say, Crude at $59.50 or $57.25? Absolutely not.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.