The US markets were mixed as the Dow fell while the S&P 500 and the NASDAQ rose. At the close the Dow was down 21 at 20,881. Trading volume was lower than dirt as investors await Janet Yellen’s rate hike decision on Wednesday afternoon.
WTI crude oil prices continue to trade lower thanks to increasing production, record stockpiles and rising well head efficiencies. Oil gurus are saying that prices could decline back to the $42 range and that US oil companies should be ok because they locked in prices above $50 via futures contracts. Meanwhile OPEC members could suffer not because they have low production costs but because they need oil revenues to sustain existing lifestyles, make debt payments and fund gubment budgets. These oil analysts point out the difference between costs of production versus revenues needed to maintain subsidized economies. This is why peak oil demand and Elon Musk could be OPEC’s worst nightmare. WTI closed the day at $48.40 off ten cents.
Shares of Intel were lower after the company announced it was buying Israel based tech firm Mobileye for about $15 billion. Mobileye is the leader in autonomous driving technology as its software works with camera based self-driving systems.
All thirteen scouts (lunkheads) had a good trip. The rain was not bad but we did get into snow which was unexpected. We camped under the light of a big bright moon with a camp fire going. Finding dry wood was a challenge but we did it! The Dosewallips River was a spectacular iron gray and emerald green ribbon of water cascading around big moss covered rocks with banks lined in fir and bearded alder.