Bull after Bull Flip Flopping.....
2-3 weeks ago no one was waving bigger Pom-Poms on Oil than Phil "the shill" Flynn of Alaron Trading:
...seems time be a changing:
quote:
["Nymex gasoline prices caved, as traders switched from fretting over further upticks in demand to worrying about possible demand destruction.
< the cure for high prices - is high prices...whodathunkit >>
"Earlier in the year, it seemed like consumers were unbreakable when it came to high prices," says Phil Flynn, a broker for Alaron Trading Corp. in Chicago.
"The jury is still out, but now there's concern that consumers are really feeling the pinch of higher gasoline prices."
< gee, Phil maybe you should have looked at those 3 charts from Pacific Capital>
Sunday's Lundberg Survey reflected those worries, indicating retail gasoline prices and demand both fell in past two weeks. That points to the first significant price drop this year.
< demand falls....so much for the Super Spike >
Moreover, a chorus of analysts said Tuesday that high energy prices likely were to blame for a weaker-than-expected April consumer confidence report.
< nah, say it aint so...not that the USA has ALWAYS rolled over into a RECESSION - EVERY SINGLE TIME the Fed has hiked rates into an Oil/Gasoline spike>
The Conference Board posted a 97.7 reading for this month - below the 98 analysts had expected and the lowest since November.
Flynn said the darkening mood of consumers could presage a drop in overall energy demand, but added that "lower consumer confidence doesn't necessarily translate into lower energy demand."
Tic' Toc`
....Durable goods report just came out with bad news for consumer spending...whodathunkit.
Give me an R, an E, a C, an E, an S.... |
