Maybe we will get more of a selloff today. Sometimes these things are delayed. This is for the indices that is. Would CL follow?
Feb. 22, 2011, 10:25 a.m. EST Iran ships passing through Suez without incident SAN FRANCISCO (MarketWatch) -- Iranian warships on Tuesday were passing through the Suez Canal on route to Syria without incident, reports said, but Israeli officials have previously said that such a move would be considered a provocation. The ships entered the canal, which cuts through Egypt to connect the Middle East to Europe, at 5:45 a.m. local time on Tuesday morning, according to Reuters. The ships are the first Iranian naval vessels to enter the canal in more than thirty years.
Consumer confidence being so good may prevent a bigger selloff. If that had been bad too, then we may have seen it.
Here is a quote: "It can't be bargained with. It can't be reasoned with. It doesn't feel pity, or remorse, or fear. And it absolutely will not stop, ever, until you are dead. " Originally this was in reference to the terminator, but I feel it applies to the crude oil market as well.