The Energy And Market Page, T+32 -- February 21, 2017

Trump's Bump: for the Dow Industrials, the "Trump Bump" is the biggest post-inaugural move since FDR -- The WSJ.  After two lost decades, Bush II and Obama, a lot of pent-up demand. Had Obama not been so ideological and so hell-bent on his never-ending apology tour, he might have had a more successful presidency. Bush II: what can I say? He was not ideological enough? It will be interesting to compare the market after the first 100 days of FDR and DJT:

By some measures, the rally that took place during Mr. Trump’s first 30 calendar days in office has been the largest for any president’s first month on the job since 1945. Since inauguration day on Jan. 20 through Friday, the Dow Jones Industrial Average climbed more than 4%.

That’s the biggest gain over the first 30 days of a presidency since Franklin Delano Roosevelt was inaugurated for is final term 72 years ago, according to WSJ Market Data Group. During that period, the Dow rallied 4.1% to 159.01 points.

It Does Not Follow: the trope that "if Mr. Trump takes credit for the stock market rally, he also must take credit for any reversal." That is not accurate. One can argue the "Trump Bump" is due to the anticipation of Trump's policies. If the market craters because Congress sabotages Trump, that's not his fault. It's a given that the alt-left will do what it can to sabotage Trump; the RINOS will do the same.


Market: another record-breaking day? All three indices will open in record-breaking territory.

WTI: despite huge crude oil builds the past two weeks putting US crude oil stocks at all-time  highs, WTI is up over a dollar today, slightly over $54. Quite surprising. Getting ready for the US driving season, I guess.

Iraq: Russia's Rosneft starts drilling first exploration well in Iraq; Iraq says its oil reserves increased to 153 billion bbls, up from a previous estimate of 143 billion bbls.

Libya: signs crude oil agreement with Russia's Rosneft, via Twitter.

Saudi Aramco IPO: apparently soured on the idea of floating its shares on an Asian stock exchange.  Now looking at NYSE, London, Toronto. Let's see, Toronto? Really? London? Brexit? Really?

Declining gasoline demand in December: John Kemp, via Twitter, attributes it to severe weather in the northern tier.

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The Market

At the close: up 125 points. Talking heads are running out of adjectives to describe this market. 

Late morning: the Dow is now up over 100 points. 

Opening:  up 60 points, and sets a new record. New highs for AAPL and Amazon. Shortly after the opening, the Dow hit 20,700. Remember: under Obama the market was able to melt up to 18,000 over eight years. That's about a 15% return at T+62.

Of personal interest:

• APPL: up slightly
• EW: a big whoop; up almost 3.5%
• EOG: up 1%
• WLL: up over 2.5%
• SRE: down slightly
• UNP: at $110, up slightly
• BRK-B: at $169, up slightly
• BK: up almost a percent

Disclaimer: this is not an investment site. Do not make any investment, financial, travel, job, or relationship decisions based on what you read here or think you may have read here. I do not necessarily own shares in any company I post, nor do I have any plans to buy any shares in any company in the next 83 hours.

Amazon: now offers 2-day free shipping even if not a Prime member. For Prime, same day delivery in many cases (I assume it depends on zip codes, products).

NYSE:

• new highs: 218, including the banks; Altria; AMEX; Warren Buffett; Dow Chemical; Norfolk Southern; Tallgrass Energy Partners (a big whoop);
• new lows: 8

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The Onondaga

Indians, Salt, and Furniture

From: Salt: A World History, Mark Kurlandsky, c. 2002,DDS: 553.63 KUR

About a year ago, May and I were introduced to some incredibly nice furniture, made here in the United States. It is Stickley furniture and is sold locally by Stacy Furniture here in Grapevine and other locations in north Texas.


When we ordered our pieces, the salesman wrote down "Onondaga" as the "type." At the time I paid no attention to Onondaga but I did post a note about it.

Today, while reading the book noted above, I came across the history of Onondaga, New York, and the Onondaga North American Indian tribe.

Some data points:

• in 1787, the new Americans began producing salt in Onondaga, New York
• 17th century Jesuit missionaries among the Onondaga tribe first discovered the salt springs
• Onondaga: an Iroquois-speaking tribe; hosts the annual meeting of the Iroqois
• like many of the Iroquois, but not all, the Onondaga has sided with the British during the Revolutionary War
• the colonists established a 10,00-acre reservation for the Onondaga, and paid the tribe 150 bushels of salt, annually, forever -- the state continues to pay the tribe in salt, looking for the best price, and can generally find 150 bushels for less than $2,000
• in 1797, the state of New York began granting leases for working the brine springs of Onondaga; centered around the town of Salina, NY; by 1810, the Salina saltworks had become the most important saltworks in the new United States
• 1808: NY considered a resolution to build a canal connecting the Great Lakes to the Hudson River, introduced by a assemblyman from Salina
• important names in the building of the Erie Canal: NYC Mayor De Witt Clinton strongly supported it; surveyor James Geddes; President Thomas Jefferson thought it madness; "Clinton's Ditch" funded by the state;
• the War of 1812 was the tipping point; after the war, the Erie Canal was commissioned and built
• Erie Canal: paid for with a salt tax; building commenced in 1817; built in sections; each section put into operation as it was completed
• first section: 98 miles, Utica to the Seneca River; the section that ran through the salt-producing region
• final section, October, 1825; ceremonial water from Lake Erie to be poured into the Atlantic off Sandy Hook
• Cape Cod lost its competitive advantage once the Erie Canal in operation
• Salina was the center for saltworks
• Syracuse chosen as the best route for canals; swampy lowland; became known as the "American Venice": Erie Canal ran west to east; the Oswego Canal ran north to south, connecting Erie Canal to Lake Ontario; the two canals intersected in the center of Syracuse
• Onondaga salt loaded unto Erie Canal barges
• another town along the route was named "Liverpool" -- the being names so that Onondaga salt could be shipped around the US with the trusted old brand name "Liverpool salt"