Even in a bull market you get periods of a little relief, and this is one of them. Some of the Iranian words today were conciliatory. In reality nothing has changed and the market will soon rise again.
More Quotes from Michael Fitzpatrick:
Once it gets back over the warm water of the Gulf it can gain strength and change direction. It doesn't look like it is headed for the big facilities in the Gulf, but we won't know for sure until the weekend when we can't do anything.Michael Fitzpatrick
Relatively moderate weather, ample supplies and an escalation in the dispute over Iran's nuclear program should make for another week of high volatility. Absent geopolitical uncertainty, prices should be moving lower.
Michael Fitzpatrick
We are starting to see a change in consumer behavior. Consumers are cutting back because of high prices, rising interest rates and signs that the housing bubble is ending. Prices have probably begun the long steady process of grinding lower.
Michael Fitzpatrick
The weather will be more seasonal over the next week but it will take much more than that to put a dent in supplies.
Michael Fitzpatrick
Crude inventories are at extraordinarily high levels, due in part to a steady flow of imports in recent months, giving the market a thick buffer against potential supply disruptions.
Michael Fitzpatrick
There was a lot of panic yesterday as we all thought about the worst possible scenarios. The likelihood is that the worst won't occur.
Michael Fitzpatrick
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Based on Topics: Reality QuotesBased on Keywords: conciliatory
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