(By Louis Basenese ) It's Friday in the Wall Street Daily Nation!
What's the big deal? Well, this is the day each week that I skip the longwinded analysis and instead let some carefully selected graphics do the talking.
This week, I'm featuring the next act in the never-ending Greek tragedy; Facebook's failure to launch (I told you so!); increasingly cheap oil; and the number one reason shipping stocks could be in for a major rally.
For good measure I'm also throwing in a reminder why the mobile revolution is the biggest technology transformation in history.
Enjoy!
The Bank Run is On!
All the bailouts in the world won't help one iota if Greece experiences a crisis of confidence in its banking system.
And guess what? A crisis is unfolding!
As Sky News' Ed Conway reports, bank deposits in Greece keep vanishing.
Keep in mind, the chart doesn't include the latest data. So the run on the banks is likely more severe.
If I was a betting man – and I am – I'd bet you all my chips that a Grexit (Greece's exit from the eurozone) is coming. Care to take that bet?
Peak Oil, This!
It's almost laughable to think four short years ago, the scaremongers had us all frightened that we were running out of oil.
As I've noted before, U.S. crude oil inventories keep climbing. For nine weeks in a row (and counting). Inventories haven't been this high since 1990.
So is it any wonder that oil prices fell below $90 per barrel this week? Not hardly.
Next time you consider consulting Peak Oil theorists for a tip on where oil prices are headed, consult another crackpot, Miss Cleo, instead. Her predictions are bound to be more accurate. Seriously.