Afternoon Note
Every asset class is gyrating today as they move in lock step with oil, which is whipsawing on the inventory data released this morning. The EIA reported that inventories dropped by 559,000 barrels vs expectations for a build of 3.8 million barrels. The surprisingly good number was not enough to offset fears that supply and demand will not re-balance as quickly as forecasted. Gasoline inventories did show a build of 567,000. Oil is down 2% at midday, weighing on stocks after a mid-morning rally.
Crude Chart
The indexes are bouncing a bit and the picture is similar to the past couple days. The NASDAQ looks best of all, trading above its 50-day moving average. The Dow and S&P are above key support at 18,000 and 2,100, respectively. The advance/decline line is fairly even today at 55/42% on even volume.
AAPL is making a break out move and is leading the most active list on encouraging comments about iPhone 7 pre-orders from T-Mobile and Sprint as well as an article from Digitimes that chip orders for the iPhone 7 are better than expected. RBC also came out with the “Top 5" reasons AAPL can go higher from current levels. The stock is moving to a new high for 2016 and taking the indexes with it.
On the M&A front, the Bayer/Monsanto deal is finally official at $66 billion.
Import/Export pricing out this morning showed a decline of 0.2% in August for imports, the first decline since February, led by falling fuel prices. Exports were down 0.8% in August, the biggest decline since January, as agricultural and nonagricultural exports prices dropped.
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