Another listless day was had on the equity exchanges, as stocks slipped in early (rigged) trading, then magically gained ground all day, with the Dow ending in the red while the NASDAQ and S&P posted incremental gains.
Oil continued to slip further away from recent, month-ago highs of $50 per barrel, closing in NY just above $41/barrel, roughly a 20% decline in a very short time. Drivers should begin to see the effects at the gas pump, as soon as higher-priced inventories are extinguished. Expect gas prices to fall back to levels seen in early Spring. Many areas in the Midwest and South are already seeing prices below $2.00 per gallon, a level seen as a panacea for economy.
The highest prices in the country are undeniably in the West, especially California, where high taxes and regulations push the price of fuel far beyond its production and profit price. Once again, we have our beneficent government to thank for wasting our money.
Winding down tonight is the Democratic National Convention, where Hillary Clinton will accept her party's nomination for president of the United States, along with running mate Tim Kaine, whose speech on Wednesday night is being criticized as being dull and boring.
More and more, it appears that the national mood is not pleasant, a boon to the campaign of Republican Donald Trump, who advocates for change.
Expect more slippage in stock prices as the elite begins to realize that their days in power may truly be numbered. Clinton is a miserable candidate, and, while Trump is no darling of the right, he is at least forthright and hopeful.
Clinton isn't getting any bump in the polls through the convention, which is usually the case. That's a bad omen for the status quo and the left.
Dow Jones Industrial Average
18,456.35, -15.82 (-0.09%)
5,154.98, +15.17 (0.30%)
2,170.06, +3.48 (0.16%)
10,744.16, +4.40 (0.04%)