USD is way higher and Saudi Arabia says they have an abundance of Oil. The VIX rose once again and the term structure flattened. Finally, average trade size in ES was the highest in 6 months yesterday. Americans are paying 3.8 cents “more” for a gallon of gasoline in just “one” week the U.S. government said on Monday.
Bank of America denied it has any plans to issue stock in a secondary offering and shares rebound in the after hours. BAC is up over 20% in the last five trading sessions. Last week, the bank was named as one of the 15 financial institutions that passed the Federal Reserve’s annual stress test.
Computer software company ADBE, posted fiscal first-quarter earnings of 57 cents per share, down from 58 cents a share in the year-earlier period. ADBE Revenue rose 1.9% to $1.05 billion from $1.03 billion a year ago. However, revenue growth of 1.9% was down big-time from the 14% reported in the fourth quarter of 2011.
By Greg Zimny