#crude #oil surges as Saudis lead OPEC+ to 1 million bpd production cut: Just 2 weeks ago, money managers had largest short position in Brent and WTI crude since November 2020. The last time they made such a big bet against oil , Saudi Arabia’s Prince Abdulaziz said he wanted those leave them “ouching like hell” #CoSoFinance https://www.bloomberg.com/news/articles/2023-04-03/what-next-for-oil-after-surprise-opec-cuts-try-100-a-barrel

January S&P CoreLogic CS Home Price Index (blue) +3.79% y/y vs. +5.63% prior … 20-city Index (orange) +2.55% y/y vs. +2.60% est. & +4.62% prior … pandemic boom clearly over #Economics #CoSoFinance #Housing

From Liz Young: Despite being up 20% in 2023, mortgage activity is still down 62% since the end of 2021. Historically, mtg activity leads home prices by a year--so far that relationship is holding up. Unless demand picks up notably, there could be more downside. #CoSoFinance

the last time Micron’s gross margin was this bad — the chip maker spent more than $1.30 for every $1 worth of product it sold in the most recent quarter — it marked the bottom of a similar swoon during the 2008-’09 financial crisis. #CoSoFinance https://www.marketwatch.com/story/micron-just-released-an-objectively-horrible-earnings-report-why-is-the-stock-not-falling-1d1419a2?

Check out the bullish volume on this weekly chart of #GDX #Gold #Miners #CoSoFinance

Now let's look at performance by sector. Communications Services and tech are leading the way higher. #CoSoFinance

Stock performance by market cap through Monday. Small caps are underperforming as money positions in the better known names. #CoSoFinance

The Bulletin of Atomic Scientists maintaining the famed Doomsday Clock forwarded the clock's hands to ninety seconds before midnight – the closest it's ever been to midnight and Armageddon in its entire seventy-six year history.

Money appears to be flowing out of U.S. Treasuries and into #gold. #CoSoFinance https://www.marketwatch.com/articles/us-global-investors-stock-financial-markets-3837842c

@thedisasterautist But the banks (shareholders) aren't being bailed out this time, just the depositors are. It's a distinction the Biden Administration is making, probably after learning the hard lessons of the Great Financial Criss.

Buh-bye, rate hike expectations. Hello, rate cuts. Why? Because more bank failures would be deflationary, and now both Deutsche Bank and First Republic are under scruitiny. Also, see my earlier post about $1.7 trillion in unrealized losses on bank books. #CoSoFinance

The Federal Deposit Insurance Corporation (FDIC): there were $620 billion of unrealized losses sitting on U.S. bank balance sheets in early March. The figure may be understated, with 2 recent estimates saying the losses could be as much as $1.7 trillion. #CoSoFinance https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/us-banks-problems/

Waiting on copper to break its recent downtrend #CoSoFinance

My take on the brewing crisis in real estate, and how that could be more bad news for banks. https://weissratings.com/en/weiss-ratings-daily/the-next-crisis-comes-home-to-roost
#CoSoFinance

Some charts on the housing market. https://wolfstreet.com/2023/03/21/home-prices-drop-year-over-year-first-time-since-housing-bust-1-sales-bounce-from-deep-dismal-to-just-dismal/

The next shoe to drop could be the real estate bubble. And if it happened, such an event would hammer already weakened banks. #CoSoFinance