Diamonds and Dogs
The price of oil is moving higher. Chevron (CVX) is higher by a percent due to an upgrade as the price of oil moves closer to the highs for the year. Hurricane Florence really won't impact the oil industry, but U.S. crude inventories have declined and the loss of Iranian supply has added to concerns over the supply and demand balance. Some oil analysts are concerned oil supplies are getting tight which could push oil back toward $100 a barrel.
Banks under pressure. Wells Fargo (WFC) is down 2.4% as U.S. regulators have rejected the banks plan to repay customers who were pushed into unnecessary auto insurance, telling the bank it must do more to ensure it has found and compensated every affected driver. Wells Fargo is definitely too big to manage. JP Morgan Chase (JPM) is down a percent as the CEO said today he could beat Trump in an election and was tougher and smarter than Trump. Maybe these are true statements, but dumb to say publicly.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.