Morning 6-26


  • For the 17th time?? Mnuchin says, “Two sides are 90% of the way there and I believe there is a pathway to complete this”  Markets continue to trade off  this “news” so why not keep rolling it out   Spoos +13 handles, Nasdaq +52  Dow  + 100 Dax +.5% and majority of European Bourses are higher
  • Yesterday API reported a big Draw in oil supplies 7.55 Million barrels Wti +1.9%    Rumor that PES Philadelphia refinery ,after a fire last week has put in motion the process of shutting down . If true this will be a huge blow to East coast gasoline supplies as this is the largest refinery on the coast and will drive up  RBOB  Currently gasoline +3%, Front month Crack spread +5%
  • Micron and Intel are finding legal work arounds to continue to do Business with Huawei
  • Bitcoin +14% at one point overnight trading above 12,500

 After yesterday’s Push back from Bullard’s  “I think 50 Bps cut would be overdone”   And Trade optimism Treasuries are trading lower as the probability of 50 Bps cut in July has been cut in half, per Bloomberg is not zero let’s be clear on that it is roughly 20%. A story circulating that Bullard was asked to be a Fed governor, a permanent voting member, but he declined, President Trump trying to pack the governors with the ultra doves. Dollar a bit higher today after posting best day in a week as the less rate cut trade gives it a boost. Euro little changed   and trading in a tight range

Waiting For the weekend meeting between trump and Xi until then all eyes on the news wires.


9:30 EIA oil numbers

10:30 Feds Daly Dovish

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