Dow 30 Surges More Than 700 Points; All Major Indices Green; Russell 2000 Particularly Interesting -- July 16, 2024

 Locator: 48157INV.

At the close / near the close:

Only two news items in last 24 hours:

• Trump names JD Vance as his VP nominee; and,
• JPow strongly signals a "Fed cut" sooner than later.
  

After 300 points today, the rest was due to short covering.

None of it was money coming from the sidelines. 

So, from where was the money coming? Rotation. Movers and shakers were taking their profits in the "magnificent seven" and moving to Dow components.

We'll see that when "my favorite chart" is updated in the next few days or so. 

The Buffett indicator: if the indicator sounded an alarm five days ago, imagine how long and how loud the alarm is today! OMG! Link here. And if the Fed cuts rates, the indicator will only get worse. Buffett indicator here.

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Back to the Bakken

WTI: $80.82. Barely held above $80.

Active rigs: 39.

Six new permits, #40925 - #40930, inclusive:

• Operators: Enerplus (5); Oasis
• Fields: Jim Creek (Dunn County); Arnegard (McKenzie)
• Comments:
• Oasis has a permit for a Sapphire well, lot 2, section 31-150-100; 
• to be sited 2414 FNL and 521 FWL;
• Enerplus has permits for five Fischer wells, SESW 29-145-96; 
• to be sited 354 FSL and between 2268 FWL and 2408 FWL;

Four permits renewed:

• CLR: four Brakken FIU permits, SENW 7-153-100; Catwalk; Williams County; the Brakken wells are tracked here;
  

Three permits canceled:

• Northwester Production LLC: three TMW wells, Billings County;

Two producing wells (DUCs) completed:

• 40006, 794, Slawson, Thor 2-31-30H,
• 40009, 661, Slawson, Thor 5-31-30H,