The game is up for Iran - and for the peak oil scare
As Philip of Macedon famously stated, any fortress can be taken if only a little donkey laden with gold can make his way up to it. Obama has obviously taken his clue from Philip, and Mousavi is now making his way up to the Iranian fortress. The capitulation date is tomorrow. How is this relevant to the market's tug-of-war between bulls and bears? The removal of the old guard - and the war premium baked in the oil price - is going to take away the speculators' excuse for pumping up the price of crude that is now overflowing the storage tanks for the lack of buyers. The oil market is long overdue for a correction. And it's starting as early as tomorrow.