CL- John Kemp out with his consolidated net positions of Hedge Funds today. They are getting longer. Not a good sign for bulls as the Hedge Funds have been wrong twice this year already.
Claim this weekend that PDVSA was shopping Canadian Syncrude for it's gulf coast refineries as with reduced production they can longer supply their US refineries and pay their Chinese loans.
Heat map looks different today
Usually on the way up the heat map is red green, with rotation out of X and into Y
Today almost everything is green… at the moment… http://finviz.com/map.ashx
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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JPM
Short-term bearish: "we have been very bullish on equities in 1H, but think they will be consolidating during the second half of the year… We believe a continued weakening in USD will keep helping EM & commodities (OW) and any rise in Bund yields will help Eurozone Banks (OW), but we think broader equity markets are likely to continue consolidating…. US growth momentum is mixed, with a rollover in manufacturing, credit, housing and car sales…. Equity multiples are in outright expensive territory…. Aug-Sep seasonals were typically weak…”
[EM = emerging market; OW = overweight]
Jackson Hole conference is Aug 24th through 26th. It is widely expected that Super Mario will make a policy statement as this is the first time he has gone in three years.
I think we are getting some carefully orchestrated hints today about what to expect. New York Fed Chair Dudley is being very very vocal about the balance sheet runoff. Is anybody brave enough to bet against foreign central bankers NOT making coordination noises at Jackson Hole? After the English conference last month you know it is coming like a Hollywood sequel. Because they really don't want a sequel to Sors verses the Bank of England