Iran’s Crude Effect

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Just a quickie comment-cleaner as we await something more pithy from Springheel Jack……..

I remain bearish on energy and energy-related stocks. Crude has been stuck in a very tight range for the past seven trading sessions, following the big drop of July 6. The historic deal with Iran is obviously suppressing prices, since a tidal wave of oil from Iran in coming years will just add to the supply glut. As always, this is just background noise to the charts, though; keep an eye on a failure of Tuesday’s lows to get the tumbling resuming: