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Title : The Market And Energy Page, T+356 -- January 12, 2018
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The Market And Energy Page, T+356 -- January 12, 2018

WTI: $63.40

Dow futures: up 110 points after a 205-point gain yesterday after 70+ Dow records set in the past year. Even Jim Cramer says he was surprised by some of the gains yesterday, singling out CVX as just one example.

Disclaimer: this is not an investment site. Do not make any investment, financial, travel, job, or relationship decisions based on anything you read here or think you may have read here.

Waterboarding: "... the waterboarding of the American economy ended on November 8,2016." -- Joe Kernen, CNBC.

Tedious: I guess we got the answer to the question that CNBC talking heads asked ad nauseum whether the stock market had "baked in" the tax bill before it was even passed. Clearly, the stock market had not "baked in" the tax bill before it was passed. Interestingly enough, even after the bill passed, it took several weeks for investors to understand what really happened, at least based on the market yesterday and what futures are showing today. What caused the 205-point Dow surge yesterday and Dow futures suggesting another 3-digit gain today? Two things:

• Becky Quick's interview with Warren Buffett on Wednesday, January 10, 2018 (date?)
• Fiat Chrysler's incredible announcement yesterday

Blog: why I love to blog. Yesterday I noted that the Fiat Chrysler announcement meant that de facto NAFTA was dead. In an early morning interview on CNBC earlier this morning Joe Kernen said the same thing: regardless of what actually happens "officially" with NAFTA, the Fiat Chrysler suggests that NAFTA is dead.

Pickens: closes his two funds. Various reasons cited.

JPMorgan: beats; $1.76 vs $1.69. This is huge. The company had said it would take a "huge" hit after the tax bill passed. "Trading was down sharply year-on-year."  JPMorgan's effective (?) tax rate in 2017 was 30%; in 2018, the effective (?) tax rate will be 19%. According to CNBC analyst, there were a lot of "one-offs" in JPM's 4Q17 earnings report. But, the new tax rate is permanent -- that is not a "one-off." JPMorgan was trading slightly lower (futures) but is now trading up (futures), near a new all-time high.

Shortage of shares: Jim Cramer has been beating the "shortage of shares" drum for the past several weeks. Now, Dick Bove used the very same phrase, "shortage of shares," when discussing investment banking. He thinks that investment banking will do very well this year. Again, see disclaimer above.

GM: will debut self-driving car without steering wheel in San Francisco in 2019. It certainly seems GM has leap-frogged Tesla. Tesla is concentrating on EVs while GM and others have moved well beyond EVs. Wow, technology is moving quickly.

GDP forecast: latest forecast -- 2.8% for 4Q17-- January 10, 2018

The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2017 is 2.8 percent on January 10, up from 2.7 percent on January 5.

The forecasts of the contributions of net exports and inventory investment to fourth-quarter real GDP growth increased from -0.63 percentage points and -0.46 percentage points, respectively, to -0.60 percentage points and -0.42 percentage points, respectively, after this morning's report on import and export prices from the U.S. Bureau of Labor Statistics and this morning's wholesale trade release from the U.S. Census Bureau.

Next forecast: to be released today.

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Back To The Bakken

Active rigs:

$63.40↓	1/12/2018	01/12/2017	01/12/2016	01/12/2015	01/12/2014
Active Rigs	54	36	54	156	192

RBN Energy: streamlining Permian water delivery and produced water takeaway, part 2. 

http://ift.tt/2dZyQXu

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