Macro Outlook
Comedy: “I think there is more or less consensus for (cutting) 1 million (barrels per day). The reference point is the (official) 28 million bpd ceiling.” - OPEC President Edmund Daukoru (via Reuters)

Why comedy? Because they never really do it. Someone always breaks rank and no one wants to be left out of the fun, so in the end they all just keep pumping as much as they can. Heck, even that official ceiling is a joke: the actual figure is closer to 30 million barrels per day.

Tragedy: Oil speculators will still use this “threat” to bid up crude futures, and we will pay for these games at the pump - and the stock exchange.

More tonight…

Material Profits
Want to hear the dumbest move ever?

Gazprom's gone and kicked everyone out of the running to help develop its gigantic Shtokman gas field.

And to top that off, plans to liquefy most of the natural gas and ship it to the U.S. have been scrapped, though “some” LNG prospects remain on the table. No one's saying how much.

Two U.S. companies and three other companies in the running bidding to become partners in owning the field are now demoted to bidding for only the production and transportation of the resource.

I'll have more later in the week. Stay tuned to TFN for more details.

Trading Tactics
Adam's been saying it for over 6 months now, and it finally looks like it's coming to pass. To put it clearly, Q3 earnings are pushing stocks lower across the board. For example, Alcoa (AA:NYSE) comes out and reports disappointing earnings: And the stock drops. Monsanto (MON:NYSE) comes out and reports disappointing earnings: And the stock drops. Genentech (DNA:NYSE) comes out and reports stellar earnings (beating Wall Street estimates by a full $0.08). And guess what? The stock drops.

If this is any indication of how Wall Street will react to Q3 earnings, then we're in for a very brutal month of selling pressure. I don't know about you, but I'm ready for more puts.

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