The Market, Energy, Political Page, T+61 -- July 31, 2018

The market -- wow! All indices are green.

WTI: wow, down 2.2%;

Midstream:

• ENB: up half a percent; paying just under 6%;
• EPD: flat; paying 6%;
• ETP: profit taking, down 1%; paying almost 12%;
• TransCanada (TRP): up 1%, paying 4.8%;
• KMI: flat; paying 4.4%
• WMB: down about a third percent

Others:

• BRK-B: down about a percent
• NOG; was up 5% yesterday, now up another 5% -- astounding, considering
• TSLA: up slightly but should be up a lot more considering it's $8 below $300 -- for this trading stock
• COP: flat -- currently of the majors, it's fun to follow COP, CVX, Shell -- whether or not invested in them
• CVX: flat
• RDS-B: up half a percent
• SHPG: about about a percent
• EW: flat
• XLNX: down about a percent
• S: down a percent
• UNP: up 1.5%; flirting with 52-week high; paying 2%

Solar panels are going to get really, really cheap: an unexpected windfall for US solar. The bigger story is why: China is ending solar panel subsidies. China has seen the light, and it's not solar energy. It's nuclear (for China); natural gas; and coal, pretty much in that order, short term/long term.

That 4.1% GDP growth in 2Q18: three words -- oil. gas. boom. Link here.

Recession: everyone's talking about the next recession -- even Jamie Dimon talked about it, yesterday. Said it won't happen in 2019. Could happen in 2020, later. Hellooooo --- it's an open book test ... when we go into a full-fledged recession ... veryone in DC will know exactly when the market will correct. In fact, Mueller probably knows best. In fact, we might know as early as early-November, 2018. Market corrections can occur overnight. Recessions, by definition, I believe, require two consecutive quarters of negative growth.