Long Summer

It has been a very long and slow summer. Many traders out there have taken extended vacations and there really hasn't been anything to write home about.

The little war in Lebanon, coupled with the oil pipeline problem in Alaska has caused some oil jitters recently, keeping oil prices elevated. Adding to the problem of $70+ oil is Iran, they are still up to their old tricks, trying to rock the oil market by threatening everyone. They have blown off U.N. demands and risked sanctions against their country over their nuke program, this has caused a large risk premium to build in the oil markets as traders are unwilling to sell with the possibility of war with such a large supplier to the global oil markets. Today a rumor rippled through the markets that Iran has made a breakthrough in their nuclear program which sent oil north slightly after a surprisingly bearish oil inventory report.

Hopefully, after the coming holiday, traders will return to their posts to get the overall volume back up to a respectable level. Until then, be patient and selective.