Another failed rally
This day is a fiasco. All the excitement in risk trades and commodity currencies faded as oil-producers started bandying around fantasies about every oil producer in the world cutting production.
It's almost embarrassing to write about how much the oil market lapped it up. It all came crashing down when OPEC delegates pointed out the absurdity of asking Iran to cut production as they return to markets after years of sanctions. Nevermind that no one -- not even the US government -- is going to tell share producers what to do.
At some point along the way the market noticed that durable goods orders collapsed.
The market has gone haywire.
