Saturday, December 19, 2009

In the confluence of fundamentals and technicals

Barry Ritholtz provides a price chart of the US dollar, with MACD technicals indicating an uptrend from a oversold position. His conclusion is that the chart "suggests a dollar rally is in the offing".

Right on cue, the real world chimes in:
Iraq says Iranians cross into disputed oilfield

Iran Forces Occupy Iraqi Oil Well, Border Guard Says (Update1)



MORE TO THE IRAN/IRAQ STORY:

Stratfor has been reporting that the incursion story is VERY muddied and hard to substantiate in detail. It appears more aimed by Iran to stir the pot than to add any territory. They report the US steadfastly does not want any part of this event at the moment.


AND IT AIN'T OVER YET...:


Iran 'withdraws' from disputed well
Iranian troops have withdrawn partially from a disputed oil well in the border region with Iraq, the Iraqi government has said.

Ali al-Dabbagh, a government spokesman, said that a group of Iranian troops who had allegedly seized control of the well last week had pulled back in the early hours of Sunday morning.

"The Iranian flag has been lowered," Dabbagh told Al Jazeera. "The Iranian troops have pulled back 50 metres, but they have not gone back to where they were before."

Iraq considers the well to be part of its al-Fauqa oil field.

Iran's armed forces, however, issued a statement on Saturday saying that, in Tehran's view, there had been no incursion into Iraq as the oil well was within Iranian borders.

"Our forces are on our own soil and, based on the known international borders, this well belongs to Iran," the statement said.

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