Thursday: $75 Billion Monthly Stimulus To Continue; Congress Passes Budget; Insurers Extend Grace Period; Market Surges Almost 300 Points; Unemployment Claims Surge Due To Holiday Distortions. LOL

Active rigs: 189

RBN Energy: Natural gas conversion challenges in New England.

While most of the country is enjoying the benefits that low cost North American supplies of natural gas bring to local and regional economies, many parts of the Northeast US and Atlantic Canada are still heavily reliant on expensive oil-based products for residential, commercial and industrial use. That is in spite of the proximity of burgeoning supplies of natural gas in the Marcellus and Utica shale basins. The challenge in converting users away from oil lies in infrastructure build out and deciding who will pay. Today we begin a two part series on the slow conversion process and new solutions to supply natural gas to customers before pipeline infrastructure is built.

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I'm not in a good mood today. I am unable to connect on-line to my Target account. I will be canceling my Red Card today.

For Investors Only

Disclaimer: this is not an investment site. Do not make any investment decisions based on anything you read here or think you may have read here.

A couple of days ago I said there were three things weighing on investors and how I felt about them. This is what I wrote:

Three things weighing on the market:

• Federal budget compromise -- not yet a done deal. Just political theater. It will be passed.
• could the Fed announce tapering this week? Nope.
• will ObamaCare's disarray have significant effect on the US economy in 2014? Yup.  

Update, today, my thoughts: 

Three things weighing on the market:

• Federal budget compromise -- it was passed. Sent up to President Obama.
• could the Fed announce tapering this week? Yes, if one thinks $75 billion (vs $85 billion) monthly is tapering; inconsequential.
• will ObamaCare's disarray have significant effect on the US economy in 2014? Yup. But insurers slow-roll the administration; agree to pay insurance claims for first ten days of January, 2014, if policy-holders pay first premium by January 10, 2014. I guess the extension is from December 23, 2013, to January 10, 2014.
• So,what did the market do while I spent the day at the Getty Museum in west Los Angeles yesterday? Up almsot 300 points. Futures today suggests it will hold those gains for the most part and oil will melt up.

Speaking of Obamacare: this story is gaining traction. Federal exchange may be illegal under the law. The law clearly states that only state exchanges can offer health insurance premium subsidies.

Jobless claims: the spin is in high gear.  Bloomberg says unemployment claims surge on year-end / holiday distortions. I guess the highly paid Wall Street analysts forgot a) Christmas comes every year; b) the year ends every December 31. This is quite an incredible story.

New Jersey credit rating lowered. Probably the end of the presidential talk for the governor, a RINO.

The Wall Street Journal

Stimulus will continue. Feds will maintain zero-interest rate through 2015. Market surges almost 300 points.

Target Red Card hit by data breach. Unable to access account. 

The Los Angeles Times

Target Red Card hit by data breach. Unable to access account.  I will stop by customer service this morning.

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Unions need to give the public a break.

Even in deep blue California, where Democrats dominate, organized labor is losing public popularity.

That's a general statement, based on nonpartisan polling.

Specifically, public employee unions are tarnishing all labor, according to the pollster.
He pinpoints pension envy: public employees pulling down generous retirement benefits that private sector taxpayers began losing years ago. That's the long-term public gripe.

And recently in the traditional labor stronghold of the San Francisco Bay Area, voters have especially soured on unions because of two very annoying public transit strikes.

It's interesting: huge union story in The LA Times and SEIU is not mentioned. Speaks volumes.

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Back to the e-mail and the news. 

Something new in Bakken reporting. I had not see this before. WPX with an annotation in the well file report suggesting that 16 stages in this particular well was equivalent to 31 stages. Really?

• 24463, 1,592, WPX, Adam Good Bear 15-22HD, Van Hook, 16 stages; 3 million lbs, t6/13, cum 52K 10/13; comment: 16 stages = 31 equivalent stage.

Mark Perry: great graph on US energy revolution, due to shale. 

From Rigzone: Pennsylvania is the fastest growing natural gas producer due to the Marcellus.

From an MDU press release: MDU increased its earnings guidance for 2013. Adjusted earnings per share for 2013 is now projected in the range of $1.45 to $1.50, an increase from prior guidance of $1.35 to $1.45. GAAP earnings guidance is in the same range.