Posted on 08/23/2015 9:50:12 PM PDT by Perseverando
After the Bloomberg commodity index crashed overnight, having tumbled for each of the past 4 years, this happened:
BLOOMBERG COMMODITY INDEX SLIDES TO LOWEST LEVEL SINCE 1999
Said otherwise, the lowest level in the 21s centiry.
Yup, rate hike any minute now.
Will another 500 or 800 pt drop tomorrow bring the mulatto Mussolini off the course to tell the plebes that all is well?
From what it looks like now, the market may open up 500 pts lower than its’ Friday close. Would that spell a bloodbath and a further sell off?
Looks like it might be interesting.
I saw an article somewhere earlier that Zero is back in D.C. from his vacation. Guess he wants to hit the local links at a swanky club early (before 10) in the morning.
Well this is commodity prices rather than stocks. China has slowed dramatically and they have been the biggest buyer of commodities. And fracking has killed the price of oil by making natural gas available at a much cheaper price.
Has it been NG fracking or the saudis ramping up production to kill fracking?
From what I’ve heard this is mostly the result of fracking being very successful and creating a huge quantity of NG. It’s being substituted for oil wherever possible and that’s making oil prices fall.
The slowdown in China is also taking the pressure off of energy prices. And Iran has been able to sell oil since the middle of July. I suppose that if the Saudis are pumping more it will show up in somebody’s figures.
Commodity prices are like a thermometer. They reveal weakness just as that instrument can detect a problem with ones health before it manifests itself. It puts the lie to all of Obama’s self serving statements about how great the economy is.
down 3%. I’ve been doing this since around 1978. The normal ‘break’ as it were is lowering interest rates. I imagine this time it will be Yellen taking a hike off the table for the immediate future.
http://finance.yahoo.com/
At the top of the page one can bounce around from Europe to Asia live (i think a few minute delay but good enough). In the past few minutes China went from -8% to down 6%. Huge move in minutes shows the volatility present in markets.
Thank you, and agreed on the Fed. What’s happening in Chinese markets is amazing to see.
always a pleasure.
I had heard the saudis increased production to hurt fracking but it well could be a combination of all of the above.
Amazing. And yet we still pay more for all our basic goods. Hmmmm.
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