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.