Tuesday, July 27, 2010
Phil Flynn: All The News That Is Fit To Ignore
Oh sure oil may try to reluctantly breakout to the upside as it follows the stock-market on its earnings fueled optimistic rally yet deep down it really does not want too. You see the oil glut the likes of which we haven’t experienced in decades is leading to a drab oil market and heavens forbid less interesting Energy Reports, Oh No! So let’s pretend if only for today that these stories that used to drive markets wild actually still matter to price. Like for example say sanctions on Iran.
Something like, oil traders ran for cover as the long awaited sanctions on a still defiant Iran took hold. (Ok well everything is true except for the running for cover part) Iran’s President Mahmoud Ahmadinejad warned that sanctions imposed by arrogant Western powers will not slow their nuclear ambitions. (Yikes!) The European Union adopted new sanctions targeting Iran's foreign trade, banking and energy sectors brought sharp criticism from.....Read the entire article.
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