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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