Holy Mackerel -- For The Archives -- The Market Today -- May 31, 2024

Locator: 48011INV.  

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May 31, 2024: today was the best day of the year for the Dow. Holy Mackerel!

May 31, 2024: wow, what a day!

Original Post

Looks like sector rotation. If you sold (in May) yesterday and went away, you missed out on a huge market today -- assuming you sold and put everything in cash. What a crazy market. Dow closes up 600 points in afternoon trading.

BRK must have had an incredible day. Let's check: BRK -- yeah, up 1.42%.

The only thing that could explain things -- BIG OIL must have had a huge day. Wow. 

Curious?

What did WTI do? Holy mackerel -- I just tuned into CNBC at the close -- Dow closes up nearly 600 points. What a great day to be fully invested. 

Look at MRO: up 13%.

The laggards: none of which interest me.

DIS was not mentioned. What did DIS do? Up 2%. 

Chevron up 3%.

This is simply amazing. Friday afternoon. We talked about his earlier ... 

CAT down 3%.

Comcast up 4%. WBD up 8%.

Big Oil had a big day but not due to jump in oil price. WTI was actually down and trending toward $77.

I don't know what happened -- the talking heads certainly can't explain it. 

Month of May was incredibly good for tech (think Nvidia) and AAPL up 12% in the month of May.  Even today, AAPL went up another dollar.

Wow. Enough of this.

Mike Santoli: lots of talk but no aha! From one of the best analysts. 

Fast Money: later today, in about 45 minutes. It will be interesting to hear what the "Debbie downers" have to say. I assume a lot of prudent-signaling. I quit watching them some time ago -- they were simply too negative. At best, always prudent-signaling. My hunch: they will blow off the 600-blow-out as simply a one-off.

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ETSC

Is anyone / everyone paying attention? Note: this is just one "tiny" sector of the US economy -- data centers.

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Back to the Bakken

WTI: $77.23.

Active rigs: 36.

Eight new permits, #40796 - #40803, inclusive:

• Operators: Grayson Mill (2), Slawson, Silver Hill Energy Operating (3), WPX (2).
• Fields: Haystack Butte (Dunn); Bully (McKenzie); Gros Ventre (Burke); Heart Butte (Dunn)
• Comments:
• Silver Hill has permits for three wells: two Holmen E wells and one Oliver E well; NWNE 20-159-93, 
• to be sited 497 FNL and at 2037, 1967, and 2002 FEL;
• Grayson Mill has permits for two Bice wells, lot 4 and lot 3, section 18-148-97; 
• one to be sited 903 FSL and 572 FWL; and, 
• one to be sited 2140 FSL and 325 FWL;
• WPX has permits for a Two Shields Butte well and a High Hawk well, both in NWNW 10-149-92; 
• the TSB to be sited 281 FNL and 841 FWL; and, 
• the HH well to be sited 308 FNL and 827 FWL;
• Slawson has a permit for a Daredevil Federal well, lot 3, secton 2-148-100, 
• to be sited 300 FNL and 2250 FWL.

One permit canceled.

• 38228, WPX, Two Shields Butte, Heart Butte.
• the Two Shields Butte wells are tracked here.