There are the charts that stand out to us this morning:
Copper: Today is all about oil as a combination of some producer bankruptcies, and a merger in the pas production space, a Goldman upgrade and follow through from last week’s rig count numbers drive Brent to fresh highs. So why a chart about Copper?
There are plenty of shrills piling on the poor 1Q numbers by Joy Global this AM before the market opened. I have to wonder when the “masters of the obvious” will acknowledge that we didn’t learn anything new today from JOYG that we didn’t price in 3 months ago.
BHP Billiton is the grand-daddy of the miners: largest, best balance sheet, and most diversified. Last night they reported earnings that beat by 12% and added a handful of goodies that investors are applauding in the stock price this AM, and may read through to the entire beleaguered sector.