{+++}Are those “evil” speculators coming back with a vengeance? There are differing opinions on where oil is trading, demand is not that hearty although we did see a drawdown yesterday. Goldman Sachs made some lofty projections the other day and an executive at BP this morning said the commodity could tag $80 in just a couple of weeks.
The dollar is weakening against other major currencies this morning and that could reignite the rally in commodities if the weakness holds.
The appetite for our debt has fallen and the 10 year note as a result is up at 3.99% and we have a 30 year auction today and the yield on that is as high as it was in November 07. The administration is in a huge pickle here as higher oil prices and higher rates could significantly slow down or derail completely any hope of a recovery.
8:30- retail sales
8:30 -initial claims
10:00- business inventories
Have a great day, I will report back in if I need to.
Interesting articles: