Wow, how many days has it been since the Yahoo! Finance page has not fixed its broken oil link? It must be over a week now.
CNBC shows oil spiking almost $3.00 to over $108. I assume this is due to the impending cruise missile strikes on Syria. Let's see what Drudge has to say: yup. There it is. The war plans being laid out for all to see. Two days of cruise missile strikes. US war planes arriving at Cyprus. Stock market plunges. Allies being told strikes to occur within a couple of days. Russia, China say "not on our watch." The president won't get UN mandate. Not this president. Little use for the UN. Little use for Congress. But oil is nearing $110. Another psychological break point.
NBC is releasing the war plans: expect first cruise missiles to fly Thursday. Need to get this done over 48 hours so it doesn't interfere with last three days of the Deutsche Bank FedEx Championship. But the timing should work out. Re-arm, re-assess over the long weekend, and then resume firing if necessary.
We appear to be stumbling in...
but this, too, shall pass, and we will all meet again, and happy to know that we were singing this song:
9:26AM WTI crude oil rallies to new HoD as Syrian tensions rise; Oct crude rose above $109/barrel for a few seconds. Crude is now +2.8% at $108.90/barrel.
My hunch: the President will dither for at least a week; this could still blow over. No drama, O'Bama. Two thoughts into the president's psyche: a) on Benghazi -- let the embassy go, throw it under the bus; we don't need another "Carter-style" hostage situation; and, b) Syria is the new "Cuban Missile Crisis" for O'Bama but this time Putin holds all the cards.
It looks like the market is "red" except for oil companies which are "green." Disclaimer: this is not an investment site. Do not make any investment decisions based on what you read here, or what you thought you might have read here.
On a lighter note: the US Treasury has kept the US debt frozen at $16,699,396,000,000 for 100 days now. And the government will meet debt limit in mid-October. It's all smoke and mirrors. Even the mainstream media doesn't care.
The statement for Aug. 23 said the federal debt subject to the legal limit set by Congress was $16,699,396,000,000—or $25 million below the current limit of $16,699,421,000,000.
Every Daily Treasury Statement since May 17 has also shown the legally limited debt at $16,699,396,000,000, or $25 million below the limit.
During the 100-day period from Friday, May 17 to Sunday, Aug. 25, according to the Treasury, the legally limited debt of the federal government did not change.$25 million for the US federal government is a rounding error. It's going to be an ugly October. Anyone remember "Black Friday," October, 1987?
The Treasury Secretary says the administration won't negotiate over debt limit. It will be interesting to see the president just blow through the debt ceiling. My hunch: if Congress doesn't act, the Treasury Department will simply pay bills with some form of IOUs. Then we will have two sets of ledgers to follow: the official debt which will remain frozen at $16 trillion, and a second ledger of IOUs.
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