Monday, July 31, 2017

The Market And Energy Page, T+192 -- The Trump Rally Continues -- Dow Hits Record On Opening -- Just After Hand-Wringing Last Week; US Companies Post Profit Growth Not Seen In Six Years -- July 31, 2017


Closing: it looks like the Dow will hit a new all-time record at the close. WTI is solidly above $50; may close above $50.

10-year bonds: below 3%. 

Original Post 

Dow hits record high.... and barely noted on CNBC. Mentioned in passing, but the crawler is staying there: "record high for Dow." Wow. [Later: after a nice opening, the Dow 30 just keeps rising throughout the day; now -- 12:56 p.m. Central Time -- the Dow 30 is up one point shy of 100 points.]

NYSE, early trading:
  • new highs, 77 -- Boeing, Deere, Exelon, Sunoco,
  • new lows, 13 --  
Trump rally:
  • US companies post profit growth not seen in six years -- The Wall Street Journal
  • 73% of the S&P 500 companies that had reported as of Friday had topped on both the top and bottom lines -- repeating: 73% of companies reporting so far, topped on both the top and bottom lines
The Old-Fashioned Way Of Streaming Photos

Sophia loves looking at albums the old-fashioned way while visiting "the homestead" in California.


  1. What a difference a change of presidents makes!

    The peak oil faithful frequently cite Aubrey McClendon as the poster child for a failed shale industry. This just happened to me a few moments ago on another blog.

    Aubrey McClendon, billionaire sports NBA team owner, oil executive and “visionary” pioneer of the US fracking revolution kills himself

    Here was my rejoinder:

    Aubrey McClendon was just one of Obama’s many victims. Other victims of Obama’s weaponized Department of Justice and IRS that gained considerable notoriety included, to name only a couple, Gibson Guitar and the Tea Party.


    --- Aubrey McClendon Indictment: Political Witch Hunt ---

    The circumstances of the death of Aubrey McClendon notwithstanding, I believe that the indictment handed down last Tuesday was nothing more than a witch hunt by Obama’s Department of Justice. The indictment, which has since been dismissed, was handed down along with promises of more investigation into oil and gas company practices. Obama’s stated goals center around taking down coal and fossil fuel industries. Who better to go after than a man who put American energy on the map?

    Aubrey McClendon was a capitalisit in the original sense of the word. He and his companies and employees took the risks necessary to drive American energy production to the forefront of the world. Aubrey McClendon was not only a visionary, he was a DOER. Our country, indeed, our world, needs MORE doers and far less government lawyer types whose mission in life is to throw obstacles before the wheels of business and capitalism. It is rich irony that Aubrey McClendon’s companies set the extremely high bar in per acre lease costs and he was indicted for trying to conspire to hold prices down. The Justice Department isn’t finished with the oil and gas industry, so look for the ongoing hunt to try to find another high profile witch.

    In this world where everyone gets participation trophies, where college students need “safe spaces” to protect them from thoughts that might challenge them, where people are actively being DISCOURAGED from excelling and producing something, Aubrey McClendon made things happen. He moved, he shook, he brought capital and jobs and a higher standard of living to Oklahoma, and other states where massive geologic formations still hold reservoirs of untapped oil and gas.

    Aubrey McClendon exemplified what used to be known as American ingenuity. How ironic that with his energy, drive and smarts, he launched a huge warning shot over the bow of OPEC’s own price fixing cartel practices. How sad that our own government is more interested in promoting mediocrity and punishing success.

  2. I was quite saddened by Aubrey McClendon's death. When I say "rest in peace" regarding Aubrey it is heartfelt and not a cliche. He was a giant in his industry.