• The news that Iran has increased its stockpile of near bomb-grade uranium significantly shows that the odds that the conflict in the Middle East will become a much wider one are growing substantially.  We can talk all we want about the Hamas in Gaza or Hezbollah in Jordan, but Israel will never let Iran become a nuclear power.
  • If we’re wrong…and things calm down in the Middle East, a meaningful break below the 200-week moving average will cause us to rethink our bullish stance on the energy sector.  However, a significant break above the 200-day moving average will embolden our bullish stance. 


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