Today was full of bad news. Politically, Obama sold out Israel with a call for a return to the pre-Six Day War 1967 borders. Economically, the index of leading indicators dropped, as did the sales of existing homes in April. The Federal Reserve of Philadelphia's index of general business activity fell to 3.9 from 18.5 and was at 43.4 not too long ago. Japan's GDP shrank 3.7%, greater than expectations. Even AAA estimates less auto travel over the Memorial Day weekend, a less than auspicious way to start the summer travel-by-car season. About the only good news that was published was that new jobless claims fell by 29,000. However, those numbers are frequently subject to revision and it remains to be seen if that has any real effect on the market.
Today, WTI-$1.66, $98.44; Brent-88¢, $111.42; RBOB-2.95¢, $2.926; HO-1.12¢, $2.8947.
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