The market sold off over 2% this past Friday and then gained a little over half that back on Monday, only to lose all that again on Tuesday. What happened?
The consensus seems to be a combination of continued poor economic numbers and some Federal Reserve lieutenants leaking that our Central Bank, regardless of the mounting recession indicators, will raise interest rates soon.
And yesterday oil, both in crude price and oil stock financial’s, got clobbered. For over a year I've been writing about the danger of US fracker bankruptcies being another Shearson moment, but let's set that aside for now and focus on last Friday. What’s really going on?