Europe' case counts hit a new all-time, as did Germany.
Lockdowns, restrictions, and protests (sometimes violent) are everywhere in Europe.
2/7
The world hit a new 10 week high yesterday, and cases are going vertical (orange) line.
3/7
And the US is now moving up, no mistake about it (orange line in the last few weeks).
And, as we have noted before, whenever cases spike in one area, they eventually spike in other area.
4/7
Europe is spiking now even though they have higher vaccine rates than the US
5/7
Michigan has the highest case count in the US.
In fact it is making a new all-time high in cases per 100,000.
6/7
Why bring up Michigan?
Because in 1-hour the Detroit Lions play the Chicago Bears in front of 65,000 maskless screaming fans in DOME STADIUM (read: indoor) Ford Field in Detroit.
Remember a year ago, when case counts were LOWER, they had to play this game with no fans.
7/7
Oh ... and in 48 hours #6 Michigan plays #2 Ohio State in "The Big House" in Ann Arbor. So another 110,000+ maskless fans screaming in the state with the highest case count in the country, and higher than last year's lockdowns.
Are we still following the science???
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Thoughts on market reaction to the Venezuela news.
tl:dr
The spigot in Venezuela waiting to be opened to flood the world with crude oil and lower its price has been broken for a while.
It will take several years to fix it.
2/5
Venezuela is a founding member of OPEC their official statistics show its production (blue) is down 71% from its 1998 peak.
Its sustainable capacity (max output in within 90 days and held for a year) is 1M barrels/day (orange).
Venezuela is at its maximum now.
3/5
Why the big production decline?
Socialist Hugo Chávez was elected in December 1998. He turned out to be a brutal dictator. Only to be replaced by an even more brutal dictator, Nicolás Maduro, when Chávez died in March 2013.
It is correct that the new home premium (green) above existing home prices (blue) has collapsed from 38% in 2013 to below zero today (the lowest in 54 years).
Why?
See new home prices (orange), they stalled.
3/7
Here is the average home price (orange) and the home's size (blue). The reason prices are falling is that builders are constructing smaller homes.
But as the bottom panel shows (green), the price per square foot is as high as ever.