Starting with the Swiss National bank. Not just the Swiss National bank well get to it with the huge shocking moves, in currencies, also the fact that india cut Interest Rates, even the bank of korea. What were seeing now is going to continue as europe then has to decide just what moves it will take next week folks. We are living in crazy times. A race to the bottom. Or as our friend in currency terms. The bond fire of the currencies. Exactly. Now people are starting to look at gold again. You have to wonder once this volatility settles down we will be able to get back to quote unquote basics or we are embarking on another experiment of historical proportions. Were he going to talk about all that and have a special show lined up to do that. Joining us jim grant by the way who called this on the swiss from the grant rate observer former Time Magazine chief Walter Isaacson and henry mcvie will give us his outlook for 2015. Looking forward to all those interviews. Dow giant intel is due o
Story that were following. Wti falling. You have to go back to may 2010 to see prices like this. The number to watch is 67. 15. Right now, down by about 6 to 69. 32. Well below what weve seen at this point. If it fell down to 67. 15 that would be the lowest price since september 2009. The cartel deciding against cutting prices. First, check out some of the fallout to this route in oil prices. Youll see exxon, chevron, bp all trading sharply lower this morning. Bp down by more than 6 . The Global Equity market taking note of this dramatic fall in oil. Lty at this point, dow futures would open by 35 points, s p down by 4 points and nasdaq is up by just over 5 points. In asia within up by 2. 3 . Shanghai composite closing up by 2 . Hang seng is relatively flat. Trade in europe, maybe some of the oil taking its toll there, as well. The cac down by more than 0. 5 . The ftse in london down by 0. 7 . Steve sedgwick is standing by in london. He is just back from that opec meeting. Steve, this
Again. Dow seeking 130 points. S p declining. Nasdaq falling 1. 29 . After todays drubbing i know that anyone who says stay the course is now officially regarded as whistling past the grave yard. But i cant look at it like that especially since the averages only did rebound somewhat from the worst of todays selling. Im stuck with the fact that we are in a negative moment. Rationals may be to sell Oil Companies and some financials. I think when the market recovers there might not be that much of an opportunity to get back in. In other words, if you sell here then you will have missed the pullback that many of us have been waiting for. Just so you know im not whistling past the grave yard lets explore the legitimate negatives that drove todays action. I do believe that oil off nearly 2 to 48 today is not finished going down and neither are the oil stocks. There is no room to store the stuff so every producer is discounting to get crude moving somewhere, anywhere. Things will stay that wa
The dax in germany, up 2 . The cac up by 2. 5 . The ftse up by over 1 . Greece is the lone decliner here, but they have their own issues. U. S. Equities are coming off their best day of the year yesterday. The vix dropping 18 just on yesterday alone. That socalled fear gauge, its the biggest drop of 2014 for us. Among the catalysts and bulls charged with the fed decision to sound much more dovish than anyone expected. Also, falling oil prices. In fact, things stabilized a bit yesterday. Oil moved higher yesterday and that did help out some of the Energy Sector stocks in particular. Lets listen in to janet yellen talking about the Central Banks pledge to be patient on rates. The number of Committee Participants have indicated that in their view conditions could be appropriate by the middle of next year. But there is no preset time and there are a range of views as to when the appropriate conditions will likely fall in place. So that is something we will be watching closely as the year u
City. The city has been relatively desolate. The only people out there are the people plowing the sidewalks at this point. We walked over ourselves this morning. Didnt get hit with anything much but the ban on cars in new york city still is accurate. Ill wait until the posts in other places start making fun of the weather people because its still a very serious storm. May be loss of life somewhere. In fact if you take a look at some of the pictures in new england its a different story. Wow this is a picture of philadelphia. There could be more to come. Still falling there. You look at i looked at my radar thing on activitiescuweather. Its moving northeast and most of it is there. In the northeast region up in new england bracing for 3 feet as snow. They have been getting as much as 4 inches an hour. With the hurricane forced winds causing wide out conditions. Its been a huge issue with coastal flooding too. I was just reading that theyre talking about storm surges of about 7 feet with