Mid-morning, the market is pushing into green on good economic data that just came out today.

  • U.S. wholesale inventories unexpectedly rose in January as sales tumbled, suggesting that efforts by businesses to reduce an inventory overhang could persist well into 2016 and restrain economic growth.

Oops! I meant to say not-so-good economic data, but I didn’t because the market fooled me again. It sees oil prices moving above $40 as good news, which, of course, it isn’t, at least for all the folks in the world who buy gas. That inventory thing … pshaw. 

  • Saudi Arabia is seeking a bank loan of between $6 billion and $8 billion, in what would be the first significant foreign borrowing by the kingdom’s government for over a decade.

Another oops! Did Saudi Arabia miscalculate? American oil-rig count is down, true, but US oil inventories are up, according to the API. We will know for sure later today, but, if US inventories are up, again, despite the “hopes” of a deal to cap production, how likely is it prices will remain above $40, you know, with the world oil-glut at record levels and Iran, Iraq, Libya, Venezuela, Saudi Arabia, and Russia all needing to pump oil to hold onto market share? 

The DJIA just fell off the table. Smack! There’s red … Oops! Now it’s green, no, red, no green again … Never mind.  Sit tight. More economic news is on the way.