NASCAR championship later this afternoon: early afternoon.
Wrong message? Isn't October supposed to be brutal for investors? Fascinating article: sort of ruins Jim Cramer's narrative; certainly takes wind out of his October sail. From The WSJ today:
U.S.-stock mutual funds and exchange-traded funds in October logged their best monthly percentage gains of the year as a variety of worries—from inflation to the virus—failed to keep the market from hitting more records.
There was anticipation that October could be a time for market corrections, but instead, the market powered on—and has continued to do so in November.
“You’re really seeing a market driven by economic and earnings fundamentals which are strong, and those are joined at the hip.”
Surprise, surprise: government-bond swings burn Wall Street investors. Link to The WSJ. I understand bonds. I don't understand trading / investing in bonds.
A rapid U-turn in government-bond markets has sparked deep losses for some of Wall Street’s biggest investors, a stark demonstration of how even small shifts in expectations for economic growth and central-bank policy can upend the most carefully laid bets.
Behind the losses are recent abrupt moves in government-bond prices. With central banks signaling plans to end their extraordinary stimulus measures, short-term bonds have tumbled in price, sending yields—which rise when prices fall—to touch their highest levels since March 2020.
Natural gas exports lift prices for US utilities ahead of winter. Link to The WSJ.
American utilities are facing the highest natural-gas prices in years as they build stockpiles for winter. The reason: Exporters are sending more gas than ever to countries starved for the fuel.
Pipelines to Mexico and Canada and tankers traveling to Europe and Asia have moved record amounts of U.S. gas out of the country this year as parts of the world fall short of supplies. American frackers, meanwhile, are holding the line on new drilling as investors pressure them to maintain capital discipline and return money to shareholders.
The result is that natural-gas exports are pushing domestic prices higher—only the second time this has happened since companies began shipping shale gas from the Gulf Coast to other countries in 2016, other than a brief period during the February freeze in Texas.
What does the Z-Man have to say about that? Local natural gas distributor expects to see a 42% increase in average residential winter month bills. Link here.
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Mumbo, Jumbo
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