Tomorrow morning three of the largest banks (Jp Morgan, Citibank, and Wells Fargo) start financial earnings season. Sentiment is turning bearish, so financials are down today. This had the obvious impact of snaring the S&P 500, and also softened the dollar slightly.
The rig count is up again, now for 13 weeks straight demonstrating without the possibility of contradiction that US oil was not killed in the recent price rout by OPEC (and that US oil still deploys as quickly as it ever did). The week dollar has kept crude prices from plummeting (along with increasing OPEC cooperation), but expect the recent rise to end soon.
We’ll be adding a bi-weekly update on Frontier Communications every other Friday (starting this Friday), but so far there have been no developments for better or worse (we’re not expecting that to change any time soon).