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 (NYSEARCA:USO) prices slid over 2% on the news. Gold (NYSEARCA: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 (NASDAQ:ADBE) with a disappointing report and sluggish Housing Starts (698M vs 706M prior) but building permits were higher (717M vs 682M).