Off To The Races -- None Of This Makes Sense -- But I'm Not Complaining -- December 10, 2020

Updates

1:08 p.m. CT: priced at $62 or thereabouts, trades to $150. 

11:17 a.m. CT: biggest bull on Wall Street, JPMorgan's Dubravko Lakos has so many reasons why to be bullish. I'm sure his interview will be available on CNBC later. Next six to twelve months will be big. 4400 is base case for Lakos for end of 2021. Right now, S&P 500 at 3670. At 4400, that's a 20% gain. And that's the base case.

Later, 11:15 a.m. CT: I've never seen "Josh" on CNBC so incredibly bullish on the market. Usually he's a "Debbie Downer." Hates exuberance. But today on CNBC, I've never seen him so bullish. His final line: good luck for those trying to fight this market. He noted that Starbucks -- shut down by lock downs -- has hit an all-time high today: trading at $105, up 4% today.

Original Post

Fascinating, fascinating week. 

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Comment: still way to early to say, but indications are that yesterday's "sell-off" was one of the shortest, fastest, "sell-off" events in .... the last three months ... AirBNB priced at $68/share, yet to have first trade. CEO must still be unloading the truck that just delivered the champagne, lobster, and caviar.

Oil:

• WTI: up over 4%; up almost $2/bbl; trading at $47.42
• Brent: up almost 4%; up almost $2/bbl; trading near $51
• OPEC: down, down, down

Natural gas:

• Henry Hub (I assume): up over 5%; trading at $2.565

Oil equities:

• OAS: up another 3% today; as low as $36.76 last week; now at $39.50;
• PXD: up almost 4% today; as low as $109 last week; now flirting with $120;
• CXO: up 3% today; $61, yesterday; $64, today;

• CVX: up over 4% today; $89, yesterday; over $94, today; pays almost 6%;
• COP: up over 3% today; under $42 yesterday; now at $44 today;
• XOM: don't even want to look;

• ENB: up almost 2%; as low as $32.83 yesterday; today over $34; 
• EPD: up almost 3%; as low as $20.50 yesterday; today over $21.25;
• KMI: a laggard; up only 1%; pays over 7%;

Covid-19:

• JNJ: down today; $152;
• PFE: up slightly today; $42
• MRK: flat at $83.50

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