Trump's cabinet is shaping up!
As Democratic Senator, Claire McCaskill noted over the weekend, "Donald Trump has a three 'G' Cabinet,” filled with Goldman, generals and gazillionaires.” While I'm not sure how much a gazillion actually is, estimates are the net worth of Trump's cabinet has passed the $15Bn mark and that's before appointing Exxon (XOM) CEO, Rex Tillerson to be Secretary of State. Boy, if you think the rest of the World was concerned about our strong-arm oil policies before!
Proving once again that politics do matter to the markets, oil shot up to $54.50 this morning (where I put a note out to our Members to short Oil Futures (/CL)). OPEC also sealed a deal with non-OPEC nations like Russia, who have also agreed to cut 558,000 barrels a day of production (one-half of 1%) but, of course, that's not very much out of 93Mb/d of current production, which is still about 1.5Mb/d more than the World is consuming – so the glut continues.
Meanwhile, we can't throw around terms like Gazillionaires because the Republican Senate has now passed the Republican House's "Countering Disinformation And Propaganda Act" which defines media manipulation as follows: