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Wall St. Must be Pissed
First, we find out that OPEC has decided to cut output (One can't help but wonder if OPEC, as led by the Saudis, had no choice):
Oct. 9 (Bloomberg) -- Crude oil rose after six OPEC members, led by Saudi Arabia, agreed to cut output by about 3.4 percent to stem a two-month slide in prices. ...
The cut ``is quite substantial considering they said a month ago they wouldn't be making any,'' said Steven Rowles, an analyst with CFC Seymour Ltd. in Hong Kong. ``It really comes down to what Saudi Arabia is going to be cutting.''
Follow up:
Next, we hear that North Korea has tested a nuke:
SEOUL (Reuters) - North Korea said it conducted an underground nuclear test on Monday, defying a warning from the U.N. Security Council and opening its crippled economy to the risk of fresh sanctions. ...
Long Pyongyang's chief ally, China denounced the "brazen" act, urging it to avoid action that could worsen the situation, and Russian President Vladimir Putin also condemned the test.
With bad news never far around the corner, what's Wall Street to do? How do you keep financial assets afloat when the only good news is no news? Perhaps we are getting close to peak Wall St.: the point when Wall St. has run out of tricks to play.
I think the more likely scenario is that we have already passed the peak, and the boys in New York are just treading water.