Only if the news from the around the globe remains quiet will selling continue in earnest.
More Quotes from Michael Fitzpatrick:
Certainly the current supply fundamentals make it difficult to bid up prices much further.Michael Fitzpatrick
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.
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
While a late-winter cold snap or cool spring could whittle down some of the storage surplus, it is probably too late to prevent stocks from ending the heating season at record-high levels.
Michael Fitzpatrick
All the elements that brought us to this level are still with us. The growing demand in China and India is not going away. Nor do I see geopolitical tensions diminishing. I'm not expecting an outbreak or reasonableness in the Middle East anytime soon.
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
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