It all started early on this morning when Zero Hedge reported that oil trading had been halted at the CME. Later in the afternoon they posted this explanation.
Today's Black Gold Swan - Presenting The Reason Why The CME's Crude Market Was Halted For Over One Hour
Zero Hedge handled this masterfully and with great professionalism .
NOW, here's the back story.
Also today we learn that three Israeli embassies were attacked with explosives over the weekend. There are also credible stories saying that Saudi armor is positioning on the Jordanian border for a run to Damascus (only 140 miles) after promising military intervention within 72 hours (starting yesterday)...
Then suddenly today, Russia reverses position on regime change in Syria. That remains a huge mystery at this writing but it is reason to be very alert. What could Russia do/offer to keep Iran from joining the war? Iran is on the offense on many levels, and winning. I seriously doubt if Russia has abandoned Iran.
I know that I was not the only one who reacted from the gut, because a suspension of oil trades -- just prior to a multi-national invasion of Syria -- would be one of the clearest "duck and cover" moments I could think of. They will halt oil trades immediately if regime change is implemented or attempted. Count on it.
What happened today (Monday) may have been a dry run... for Tuesday or Wednesday
Saudi Arabia now has incentive to push for Assad's downfall. An emboldened Iran has unleashed an uprising in Saudi Arabia which today -- for the first time in history -- saw (Shia)Saudi citizens shooting at (Sunni) Saudi troops/police. It was a relief to see that France today issued a strong warning against military intervention in Syria but that may have been a cover.
We will have all the related and supporting stories on the World News Desk Tuesday morning.
So this halt in trading (a real computer glitch) the timing of which no doubt took a couple of years off of many people's lives, was coincidence. Isn't it wonderful to live in such an overly complex world? But if trading halts again in the next 48 hours, I'm starting a fallout shelter. I feel every one of my 61 years today.
I'd say "Pass the popcorn", but suddenly I'm not hungry. -- MCR