The Market Page, T+321 -- December 8, 2017

Road to New England: spot price for electricity in New England is hitting $60 (dynamic link).

Whole Foods! Fast Money! Amazon is rallying on news the “Amazon Effect” is alive and well. United Natural Food, the food distributor whose largest customer is Amazon’s Whole Foods, said it is “continuing to see record sales and shipping unit volume” and incurred $25 million in additional out-of-stock costs as it races to keep up with demand.

ChevronTexaco: where will CVX deploy its CAPEX?

Of the American multinational's total 2018 capital expenditure, a little over 86% is planned to be incurred in its upstream operations.

In particular, Chevron is concentrating on increasing its investment in shale as it strives to boost its U.S. shale production next year. For 2018, the company intends to spend $4.3 billion in shale – up 70% year over year – the lion's share (or $3.3 billion) going to the lucrative Permian Basin of Texas and New Mexico alone.

The remaining $1 billion has been set aside for other shale investments.

Overall, the oil giant plans to shell out $6.6 billion for its domestic upstream operations. An additional $9.2 billion will target international upstream projects.

Over the last few years, majority of the capital expenditure in its 'Upstream' segment were dedicated to Australian LNG projects – Gorgon and Wheatstone – and the Tengiz field in Kazakhstan. But having completed both Gorgon and Wheatstone, Tengiz remains the only large capital project Chevron is committed to, for which the company has allocated $3.7 billion out of a total $5.5 billion for projects already underway. Meanwhile, Chevron has earmarked approximately $8.7 billion to sustain currently producing upstream assets.  

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The "Death Cross"

A couple of days ago I mentioned that I finally understood (at least to some extent) what is meant when guys like Rick Santelli talk about the Fed rate curve flattening or inverting. That's not as important as knowing who the "real" William Shakespeare was, but it's nice, after forty years of watching the market, to finally know what this means.

Likewise, now I finally understand (at least to some extent) what technicians mean when they talk about the "Death Cross."

Today, a contributor is using TSLA shares to demonstrate a "death cross." This is when the 50-day moving average crosses below the 200-day moving average, and TSLA is coming darn near close to that phenomenon.