The central bankers are the market. The PBOC may announce
additional reserve requirement cuts for the banks due to the weak manufacturing
data. Asian stocks catapult higher on the news triggering limit-up circuit
breakers. Traders do not care about company fundamentals; all that matters is if
the central banks are pumping stocks higher with easy money. The Shanghai
Index, SSEC, catapults +3.1% higher on the PBOC juice. The HSI gains +1.2%.
Chinese banks explode higher with China Merchants Bank and Minsheng Banking each
up over +10%. All Hail the central bankers! The Asian markets turn into a big
stimulus party.
[Text is Redacted: Purchase December 2014-12 to Read the Complete Chronology]
T Boone Pickens says oil will return to $100 per barrel within 12 to 18 months. Boone typically leans bullish for the oil sector and his calls over the years are not particularly accurate.
About three-quarters of the homes in Detroit have power
restored after today’s major outage. Utility crews continue working through the
night. California receives rain to alleviate the multi-month and year drought
but the rains are torrential creating flash floods and mud slides.
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