Sometimes you have to laugh…

  • *BRENT CRUDE ERASES DECLINE, TRADES 22C HIGHER AT $43.32/BBL

While WTI is still not quite there, Brent Crude has erased a 7%-plus decline…

 

Credit Suisse suggests a few reasons for the Market Bounce – Pain trade higher, Energy covering, Gorman comments, NAHB elevated, HY/Equities decoupling from oil

1-HF exposures remain at 3 year lows + long only cash parked on sidelines – Pain trade higher, dips being bought most cited reason for this morning’s bounce

 

2-Oil & Gas high short interest vs float names leading higher since open, ranging from 3 – 5% rally off opening lows (WPX QEP, SDRL, CIE, EPE, CNX, NFX, CLR, APC)

 

3-MS #s good enough, add to continued momentum in financial space.  Gorman comment “M&A pipeline strong” helping

 

4-NAHB homebuilder sentiment index still elevated, comes in at 58 (same as before)

 

5-Oil has been decoupling from HY and equities – possibly because earnings expectations have gotten too low for this quarter

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