I think we were probably a bit overdone on the upside and there's some profit-taking taking place today.
More Quotes from Edward Meir:
While fundamentals are tight in several of the metals, they cannot justify current valuations. Markets are, instead, held hostage by the growing amount of investment and speculative money out there that is increasingly finding its way into commodities.Edward Meir
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.
Edward Meir
We cannot rule out further gains later in the week, particularly if (DOE) inventory numbers surprise.
Edward Meir
As long as the prospect of sanctioning 4 million barrels per day of Iranian oil is out there, the Iranian situation, in our view, will be the front and center issue that will command market attention.
Edward Meir
No doubt, the relative easing in geopolitical tensions weighed on the markets yesterday. The Saudi incident, which was somewhat over-exaggerated on Friday, got discounted in calmer fashion for what it was -- a non-event in terms of supply, although a brie
Edward Meir
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