Oil Price Enjoys the "Golden Cross"

The first time in 3 years!

Highlights

• The same group who brought us “transitory” has now offered up “higher for longer” — the former should clearly have been bet against and the latter should be met with skepticism too

• The stock market is trying to find its identity in this recent sawtooth trading pattern

• We keep hearing about how globalization is in retreat but the level of global trade volumes remains near record highs (though the composition may be changing)

• GBP sells off as July GDP comes in at a seven-month low against expectations, reversing June gains