The U.S.S Minyanville
Tin soldiers and Nixon's coming
We're finally on our own
This summer I hear the drumming
Four dead in Ohio
OK, this is weird. Iraq is in the middle of debating their response to the United Nations and the news channels have yet to pick up the story. I mean, when the chairman of the Iraqi parliament comes out and says "Saddam Hussein will defend the independence of Iraq," isn't that an important data point? In the lickity-split world of trading, this type of news can color the pervasive psychology which, in turn, will impact stocks. Regardless of your opinion on the relevance of this development, you should be made aware of it.
Stocks have retreated modestly since the story hit Bloomberg but the trading chatter has yet to get "loud." Perhaps more importantly, the crude oil futures are beginning to spike. Perhaps I'm reading into this too much, but I would have thought that the Iraqi government would, at the very least, feign compliance. Things that make you go hmm...
I apologize for the terse posts today but the critters are jamming and I'm juggling. I hope this finds you well.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at email@example.com.
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