The Traderszone Network

Submitted by Andrew Topf via OilPrice.com,

The oil price drop that has dominated the headlines in recent weeks has been framed almost exclusively in terms of oil market economics, with most media outlets blaming Saudi Arabia, through its OPEC Trojan horse, for driving down the price, thus causing serious damage to the world’s major oil exporters – most notably Russia.

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Stocks were filled with Christmas cheer with a little more than one hour remaining in Wednesday’s shortened session. The Dow Jones industrial average and the S&P 500 were trading at all-time highs. The Nasdaq led the charge, up 0.4%. The S&P 500 and Dow Jones industrial average gained 0.2% each in the stock market today. Not surprisingly, volume was light. The best and worst industry groups swapped places for the day.

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The Dow Jones Industrial Average’s annual seasonal pattern suggests the rally could last a few days longer, but investors should expect a happy start to 2015.
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In a modification of the infamous Greedo scene from Star Wars, tonight’s latest fatal shooting at a gas station in Berkeley, MO boils down to one thing: who threatened to shoot whom first.

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There was some concern that in today’s ultra thin tape, there may just not be enough demand (or volume) to absorb the $29 billion in 7 Year paper that was to be auctioned off at 11:30am. That wasn’t exactly the case, and moments ago the Treasury sold, almost without a glitch, CUSIP G87 due December 31, 2021 at a high yield of 2.125%, which was a 0.5 bps tail to the 2.12% When Issued moments before the auction.

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Oil futures plunged on a surge in supplies and a record level of gasoline.

Dark pools currently see 17 percent of trading volume in the $24 trillion U.S. stock market. In comparison, NYSE and its smaller offshoots account for 23.1 percent of volume, Nasdaq 19.7 percent and BATS 20 percent.