Dow was off 305 with modest selling into the close, decliners over advancers 2-1 & NAZ lost 77. The MLP index fell 3 to the 211s & the REIT index was about even in the 382s. Junk bond funds slipped lower & Treasuries were sold, raising yields. Oil fell a dime in the 71s & gold added 10 to 1811 (more on both below).
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2180338269244485)
After Special Presidential Envoy for Climate John Kerry claimed the transition to renewable energy isn't happening "fast enough," the exec of an oilfield service company ripped the Biden administration for trying to fix a supply crisis with "virtue signaling." "The administration just keeps throwing wet blankets at the industry, death by a thousand cuts," Canary CEO Dan Eberhart said. "U.S. oil production is 10% lower than it was during the Trump administration, even with the higher oil price. Why is that? Because the administration is not being helpful and not trying to increase supply, and it's hurting consumers and they just don't seem to care." The Biden's administration has been vocal in its support of a green energy future, with climate czar John Kerry noting today that nations around the world need to accelerate the transition from fossil fuels to green energy by "vast amounts" in order to stave off the potential future human & financial impacts of climate change "We can't run around and do one bespoke deal here, another bespoke deal there – it just isn't going to be fast enough," Kerry remarked. "So, everything has to accelerate and by vast amounts." "I think what he said is preposterous," Eberhart said in reaction to the comments. "I'd like to see economic growth six times faster, and I'd like to see construction projects happen 20 times faster. But, look, there's a difference in politicians and business, and business can only produce so much. And we've got to move incrementally. We've got to get done what we can get done. In the real world, it takes time to do stuff. It takes resources to do things." "I think what he said is preposterous," Eberhart added in reaction to the comments. "I'd like to see economic growth six times faster, and I'd like to see construction projects happen 20 times faster. But, look, there's a difference in politicians and business, and business can only produce so much. And we've got to move incrementally. We've got to get done what we can get done. In the real world, it takes time to do stuff. It takes resources to do things." "It seems tone-deaf to me," the CEO continued, "at a point when we're just on the precipice of entering a recession. I think it's a politician in search of a headline." "Pres Biden has canceled the offshore lease auctions. He stopped fracking on federal land and the permitting process, which is really what's important, not the leases, the permits are coming out of the administration much slower than they were out of the Trump administration," Eberhart said. Other oil industry leaders have called Biden's bluff on drilling opportunities, previously slamming the administration's "completely inaccurate," "flat-out lie."
Oil industry exec rips Biden admin for failed supply crisis fix
Walt Disney World (DIS), a Dow stock, is once again raising admission ticket prices at 3 of its Florida theme parks — & depending on the day, customers may pay nearly $200 to get in for the day! Depending on the date & which park visitors want to go to — Magic Kingdom, EPCOT, Disney's Hollywood Studios or Disney's Animal Kingdom — ticket prices will range from $109-189 for a single-day, one-park ticket. DIS is going to have variable prices not only by date but also by the selected park. Magic Kingdom will be the most expensive park, since it is the most-visited & popular of the theme parks. Epcot & Hollywood Studios, which have both undergone significant development in recent years, will be the middle-tier parks when it comes to pricing. Animal
Kingdom will be the most inexpensive park, maintaining its current
price range of $109-159 per day for one-day, one-park tickets. The stock rose 85¢.
If you would like to learn more about DIS, click on this link:
club.ino.com/trend/analysis/stock/DISa_aid=CD3289&a_bid=6ae5b6f7
Disney making sweeping changes — it includes ticket prices
Arizona Sen. Kyrsten Sinema has switched parties to become an independent, complicating the Dems' narrow control of the Senate. Sinema said that she was declaring her “independence from the broken partisan system in Washington and formally registering as an Arizona Independent.” Senate Majority Leader Chuck Schumer was informed of Sinema's plans to become independent yesterday. Schumer said Sinema asked to keep her committee assignments. “Kyrsten is independent; that’s how she’s always been,” Schumer said. “I believe she’s a good and effective senator and am looking forward to a productive session in the new Democratic majority Senate. We will maintain our new majority on committees, exercise our subpoena power, and be able to clear nominees without discharge votes.” By keeping her committee assignments, Sinema signaled she intends to continue to caucus with Dems as an independent, like Sens. Bernie Sanders of Vermont & Angus King of Maine do. A senior Biden administration official said that the White House learned of Sinema's intention to switch parties “mid-afternoon Thursday” & that she intended to continue to caucus as before. If Sinema still caucuses with Dems, her switch to independent would not change much about how the party functions with its new 51-49 majority. The outright advantage in the chamber will make it easier for Dems to advance Pres Biden's nominees & issue subpoenas.
Arizona Sen. Kyrsten Sinema leaves Democratic Party to become independent
Gold closed higher, staying above the $1800 mark for a 2nd day as the $ was mostly unchanged though bond yields rose. Gold for Feb closed up $9 to settle at $1810 per ounce. The rise follows on 3-straight days of gains as the $ & bond yields moderate ahead of next week's meeting of the Federal Reserve's policy committee that is expected to end with another hike to US interest rates, though most expect a rise of 50-basis points rather than the 75-point hikes imposed in 4 prior meetings as the central bank looks to slow the economy to lower inflation. However strength in gold has not been matched by investor interest, with big buyers choosing to remain on the sidelines.
Gold Firms Above US$1,800 on a Little-Changed Dollar Even as Buyers Remains Scarce
US oil futures settled lower to post a weekly loss of 11%. The short-term crude demand outlook has
deteriorated significantly as no one has a strong handle on how bad a
recession will hit the US economy. US benchmark WTI crude for Jan fell 44¢ (0.6%) to settle at $71.02 a barrel, with prices ending at their lowest since Dec
20, 2021.
U.S. oil futures settle lower, down 11% for the week
Dow Jones Industrials
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