Saudis Lend U.S. a Hand With Oil: Dave's Daily

Someday we might understand you can have all the oil in the world, but without refineries for processing it won't necessarily affect gas prices. Saudis stated Tuesday they could immediately boost supply to stave off any shortages as noted by Forbes. Is it a mere coincidence that Obama is scheduled to deliver a speech on energy Thursday in Cushing, Okla.? Some things are just a little too transparent. 

In any event, oil (USO) prices slid over 2% on the news. Gold (GLD) also continued to sell off as did most commodities (DJP and JJC). Commodities were hurt by ongoing softening in China and remarks by BHP chief saying iron ore orders from China had gone flat. Recently suffering bond markets (IEF & TLT) rallied slightly while the dollar was also barely changed.

On this 'Turnaround Tuesday' stocks were lower as investors digested mixed news first from Adobe (ADBE) with a disappointing report and sluggish Housing Starts (698M vs 706M prior) but building permits were higher (717M vs 682M).  

Why must we discuss Apple (AAPL) everyday one wonders? It's a great company, a heavy weighting in most tech sectors (XLK, QQQ) and really much over owned. The latter is understandable. With the quarter ending every portfolio manager on the planet must show clients they own the stock right? So, with the stock lower early on Tuesday, dip buyers raced to bid the stock higher.

Financials (XLF) overall were higher despite some profit-taking in some banks (KBE & KRE). Yesterday's late rumor of a looming secondary offering which drove Bank of America (BAC) was squashed by the company Tuesday and the stock rebounded.

Volume overall was quite light and breadth per the WSJ was negative.

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