Monthly Archives: June 2011

The Personal Income and Outlays release from the BEA provided mostly encouraging data. Despite government yanking the e-brake on spending, personal income and spending are robust.   Personal Consumption Expenditures have actually gained momentum nearly every month for the past year, … Continue reading →

The 3-2-1 crack spread may best be characterized as having broad, sweeping moves in the intermediate term. Once the spread peaks from supply disruption, typically it has reverted back to a more normal level of 10-15 as refiners ramp up … Continue reading →

It always amuses me when people suggest that “the market is no longer driven by fundamental factors”, and other such nonsense. I ran this graph a few months ago, and it was picked up by a bunch of people – … Continue reading →