The prolonged drama probably explains why markets have not done much of anything in response to the news. Participants have perhaps concluded that things will take a lot longer to come to a head -- if they do at all.
More Quotes from Edward Meir:
The Nigerian news would typically not get much of a market hearing given the modest amounts usually involved and the relatively short-lived nature of disruptions. However, given the potential crisis with Iran, markets are moving higher on just about any news that entails a possible supply pinch.Edward Meir
This could, in effect, torpedo Russian and Chinese attempts to bring the Iranians around, and escalate the crisis once again.
Edward Meir
The markets are picking up the scent of a compromise in the offing.
Edward Meir
Sometimes one comes across an especially odd trading day when nothing much makes sense. Yesterday's session was a case in point, with the action in the natural gas complex being particularly puzzling.
Edward Meir
Yesterday's sell-off was a shot across the bow, but we don't think the bulls will be heading for the hills any time soon.
Edward Meir
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