Total chaos reigns as equity market “participants” flip from manic-sellers (IMF un-growth and Italian bank bailout failure) to panic-buyers after the following headline hits Bloomberg:
- SAUDI ARABIA, RUSSIA REACH CONSENSUS ON OIL FREEZE: INTERFAX
- INTERFAX SAYS SAUDIS TO DECIDE ON OIL FREEZE REGARDLESS OF IRAN
- INTERFAX CITES UNIDENTIFIED PERSON ON RUSSIA, SAUDI CONSENSUS
The initial surge reaction…
Saudi Arabia, Russia reached consensus on oil freeze during talks Tuesday, Interfax reports, citing unidentified “informed diplomatic source” in Doha.
Interfax cites source as saying Saudi Arabia will make final decision on freezing oil production regardless of Iran’s position
Just a day after Algeria said Russia would not agree.
And the funniest thing about all of this farce is that if this headline proves true it is merely the original agreement – in principal – but with both Saudi Arabia and Russia now producing at new record highs.
- *RUSSIAN ENERGY MIN. DECLINES TO COMMENT ON IFX OIL TALKS REPORT
- *RUSSIAN ENERGY MINISTRY SAYS NO COMMENT ON TALKS BEFORE APR. 17
Stocks have begun to fade the euphoria…
Because “repeat news” is always good for the algos…
.@NorthmanTrader Repeat News .@zerohedge pic.twitter.com/GBqeknVxwI
— StockBoardAsset (@StockBoardAsset) April 12, 2016
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