agree.. also this year politics will be a driver as well.
CL Redux
- Thread starter schizo
- Start date
agree.. also this year politics will be a driver as well.
Another factor in all this is perhaps the light volume lately. And during long weekends, like the one we're in, the traders who are around, not the big players, it seems like to drive this up, as that's been the trend lately. This was evident after the general markets close on Friday when it ran up another half point before a slight pullback.
And we'll see how the latest news out of Iran affects this starting this afternoon or evening if you're on the East Coast.
We may see a profit taking pullback from the bigger players here shortly (this week), but the action lately has been to buy all pullbacks and run it up even more. This is not only true of CL, but even more true of the indices. Buy the f@#%$ing dip. To me the overall market is overbought, however no one asked me and it climbs higher. Every moderately positive economic report ramps it up even more, like the ones on Thursday. I couldn't believe how much it ran up off of those reports. I kept waiting for the pullback which never did happen. Buyers seem to have their blinders on. This is nothing new. Seems it will take some more significant major bad news to really create any sort of significant pullback.
Are the trading hours today and tomorrow 6 PM EST today til 1:30 PM EST tomorrow and then resumes @ 6 PM EST again?
ADD: And the light volume too is a significant factor to me in this challenging upper resistance levels and attempting any breakout. When that happens on increasingly lighter volume it tends to stall out and reverse. Or it can be bigger players waiting to see what happens before they put their funds on the line. Stay tuned.
And we'll see how the latest news out of Iran affects this starting this afternoon or evening if you're on the East Coast.
We may see a profit taking pullback from the bigger players here shortly (this week), but the action lately has been to buy all pullbacks and run it up even more. This is not only true of CL, but even more true of the indices. Buy the f@#%$ing dip. To me the overall market is overbought, however no one asked me and it climbs higher. Every moderately positive economic report ramps it up even more, like the ones on Thursday. I couldn't believe how much it ran up off of those reports. I kept waiting for the pullback which never did happen. Buyers seem to have their blinders on. This is nothing new. Seems it will take some more significant major bad news to really create any sort of significant pullback.
Are the trading hours today and tomorrow 6 PM EST today til 1:30 PM EST tomorrow and then resumes @ 6 PM EST again?
ADD: And the light volume too is a significant factor to me in this challenging upper resistance levels and attempting any breakout. When that happens on increasingly lighter volume it tends to stall out and reverse. Or it can be bigger players waiting to see what happens before they put their funds on the line. Stay tuned.
1130am ET tomorrow for the close. See PDF file at link below.
http://www.cmegroup.com/tools-information/holiday-calendar/index.html
The market may react to this even though it's not a big deal.
TEHRAN | Sun Feb 19, 2012 5:31pm EST
TEHRAN (Reuters) - Iran ordered a halt to its oil sales to Britain and France on Sunday in a move seen as retaliation against tightening EU sanctions, as a team of U.N. inspectors flew to Tehran to press the Islamic Republic over its disputed nuclear program.
The European Union enraged Tehran last month when it decided to impose a boycott on its oil from July 1. Iran, the world's fifth-largest oil exporter, responded by threatening to close the Strait of Hormuz, the main Gulf oil shipping lane.
On Sunday, its oil ministry went a step further, announcing Iran has now stopped selling oil to France and Britain altogether - a powerful yet largely symbolic message since neither European nation relies on Iranian crude imports.
"Exporting crude to British and French companies has been stopped ... we will sell our oil to new customers," spokesman Alireza Nikzad was quoted as saying on the ministry website.
Iran, which denies Western allegations that it is seeking to make nuclear weapons, has ramped up its rhetoric in recent weeks while also expressing willingness to resume negotiations on its nuclear program.
A five-member team from the U.N. International Atomic Energy Agency (IAEA) flew to Tehran late on Sunday for talks, although Western diplomats have played down any hopes of a major breakthrough in the two-day meeting.
"I'm still pessimistic that Iran will demonstrate the substantive cooperation necessary," one envoy said in Vienna.
Yet the outcome of this week's discussions is important and will be watched closely because it could either intensify the standoff or offer scope to reduce tensions.
The European Commission says the bloc would not be short of oil if Iran stopped crude exports as it has enough stock to meet its needs for around 120 days.
Industry sources said European oil buyers were already making big cuts in purchases from Iran months in advance of EU sanctions. France's Total has stopped buying Iranian oil while debt-ridden Greece is most exposed to Iranian crude disruption among European countries.
MILITARY STRIKE?
Iran says its nuclear program is entirely peaceful but its refusal to curb uranium enrichment, which can have both military and civilian purposes, has raised concerns.
Western powers have not ruled out using force against Iran, and there has been an intense public discussion in Israel about whether it should attack Iran to stop it making a nuclear bomb.
However, on Sunday the top U.S. military officer said a military strike would be premature as it was not clear that Tehran would use its nuclear capabilities to build an atomic bomb.
"I believe it is unclear (that Iran would assemble a bomb) and on that basis, I think it would be premature to exclusively decide that the time for a military option was upon us," said General Martin Dempsey, chairman of the U.S. military's Joint Chiefs of Staff.
He said he believed the Iranian government was a "rational actor."
The West has expressed some optimism over the prospect of new talks with Tehran, particularly after it sent a letter to EU foreign policy chief Catherine Ashton last week promising to bring "new initiatives" to the table.
"In these negotiations, we are looking for a way out of Iran's current nuclear issue so that both sides win," Iranian TV quoted Foreign Minister Ali Akbar Salehi as saying on Sunday.
Oil is a major part of Iran's export revenues and an important lifeline for its increasingly isolated economy. It has little refining capacity and has to import about 40 percent of its gasoline needs for domestic consumption.
Tightening sanctions, combined with high inflation, have squeezed the ability of working-class Iranians to feed themselves and their families, and this uncertainty forms the backdrop to a parliamentary vote on March 2.
"Everything's become so expensive in the past few weeks," said Marjan Hamidi, an Iranian shopper in Tehran, "But my husband's income stays the same. How am I going to live like this?"
(Additional reporting by Parisa Hafezi and Ramin Mostafavi in Tehran, Susan Cornwell in Washington and Fredrik Dahl in Vienna; Writing by Maria Golovnina; Editing by Kevin Liffey)
TEHRAN | Sun Feb 19, 2012 5:31pm EST
TEHRAN (Reuters) - Iran ordered a halt to its oil sales to Britain and France on Sunday in a move seen as retaliation against tightening EU sanctions, as a team of U.N. inspectors flew to Tehran to press the Islamic Republic over its disputed nuclear program.
The European Union enraged Tehran last month when it decided to impose a boycott on its oil from July 1. Iran, the world's fifth-largest oil exporter, responded by threatening to close the Strait of Hormuz, the main Gulf oil shipping lane.
On Sunday, its oil ministry went a step further, announcing Iran has now stopped selling oil to France and Britain altogether - a powerful yet largely symbolic message since neither European nation relies on Iranian crude imports.
"Exporting crude to British and French companies has been stopped ... we will sell our oil to new customers," spokesman Alireza Nikzad was quoted as saying on the ministry website.
Iran, which denies Western allegations that it is seeking to make nuclear weapons, has ramped up its rhetoric in recent weeks while also expressing willingness to resume negotiations on its nuclear program.
A five-member team from the U.N. International Atomic Energy Agency (IAEA) flew to Tehran late on Sunday for talks, although Western diplomats have played down any hopes of a major breakthrough in the two-day meeting.
"I'm still pessimistic that Iran will demonstrate the substantive cooperation necessary," one envoy said in Vienna.
Yet the outcome of this week's discussions is important and will be watched closely because it could either intensify the standoff or offer scope to reduce tensions.
The European Commission says the bloc would not be short of oil if Iran stopped crude exports as it has enough stock to meet its needs for around 120 days.
Industry sources said European oil buyers were already making big cuts in purchases from Iran months in advance of EU sanctions. France's Total has stopped buying Iranian oil while debt-ridden Greece is most exposed to Iranian crude disruption among European countries.
MILITARY STRIKE?
Iran says its nuclear program is entirely peaceful but its refusal to curb uranium enrichment, which can have both military and civilian purposes, has raised concerns.
Western powers have not ruled out using force against Iran, and there has been an intense public discussion in Israel about whether it should attack Iran to stop it making a nuclear bomb.
However, on Sunday the top U.S. military officer said a military strike would be premature as it was not clear that Tehran would use its nuclear capabilities to build an atomic bomb.
"I believe it is unclear (that Iran would assemble a bomb) and on that basis, I think it would be premature to exclusively decide that the time for a military option was upon us," said General Martin Dempsey, chairman of the U.S. military's Joint Chiefs of Staff.
He said he believed the Iranian government was a "rational actor."
The West has expressed some optimism over the prospect of new talks with Tehran, particularly after it sent a letter to EU foreign policy chief Catherine Ashton last week promising to bring "new initiatives" to the table.
"In these negotiations, we are looking for a way out of Iran's current nuclear issue so that both sides win," Iranian TV quoted Foreign Minister Ali Akbar Salehi as saying on Sunday.
Oil is a major part of Iran's export revenues and an important lifeline for its increasingly isolated economy. It has little refining capacity and has to import about 40 percent of its gasoline needs for domestic consumption.
Tightening sanctions, combined with high inflation, have squeezed the ability of working-class Iranians to feed themselves and their families, and this uncertainty forms the backdrop to a parliamentary vote on March 2.
"Everything's become so expensive in the past few weeks," said Marjan Hamidi, an Iranian shopper in Tehran, "But my husband's income stays the same. How am I going to live like this?"
(Additional reporting by Parisa Hafezi and Ramin Mostafavi in Tehran, Susan Cornwell in Washington and Fredrik Dahl in Vienna; Writing by Maria Golovnina; Editing by Kevin Liffey)
"On Sunday, its oil ministry went a step further, announcing Iran has now stopped selling oil to France and Britain altogether - a powerful yet largely symbolic message since neither European nation relies on Iranian crude imports."
lol
http://www.reuters.com/article/2012/02/19/us-iran-nuclear-idUSTRE81I0OS20120219
lol
http://www.reuters.com/article/2012/02/19/us-iran-nuclear-idUSTRE81I0OS20120219
Maybe some won't wait til later in the week and will sell this off tomorrow to get a jump on their colleagues.Quote from BCE:
That was my point.It means nothing basically. But traders on days like today look for any excuse to run it up. The real players will sell this off once they return later this week. My prediction. The higher it climbs the harder it falls.