No Shortage of Gluts

(1) Easy money boosting supply more than demand. (2) Maxed out credit. (3) Disinflation with a whiff of deflation. (4) Flood of liquidity. (5) Yellen, Einstein, and the “insanity trade.” (6) June rate hike less certain. (7) Guidance of endless possibilities. (8) Fed funds forecast to three decimal points. (9) None- or one-anddone remain in play. (10) Texas still gushing oil. (11) Global oil demand/supply ratio still falling. (12) Triggerhappy Saudis have met their match in US frackers. (13) Iran deal would add to oil glut. (14) Natural gas analogy. (15) Lowering S&P 500 Energy to market weight while waiting for production to fall.