I've been day trading in and out of the F/J the last 2 days, making a nice little profit, I am now seeing what I believe is a very large chance we are about to go into a short squeeze. We need to pop the top and close over 5.30, which I think we do in this push of upward momentum. If your short, better have some sort of insurance.
Likely a heavily shorted large fund, defending that area. Now yesterdays crusher is the crushee!! Can you say VIOLATED!!!
Yeah i see that....F is still having trouble holding 5.30 today though. Personally I think that is the next major inflection point. Im also of the opinion that we could move significantly higher next week off of larger expected draws in inventory (120-140 bcf). The weather is pretty brutual in PADD I & II..and is going to remain that way for the next week.
Absolutely agree, weather is staying strong through the 15 day period, and getting into the heavier GWHDD area's that really count. I am thinking next weeks draw is going to be more like -175/-150. I am still bearish on a macroview, but bullish short term on the market dynamic here, **could** get a real violent squeeze.
wow...ok now that we are firmly holding 5.30 it will be very hard picking a spot for next week. higher draws and pretty bad weather in PADD I & II areas should move us higher and as PAPA adequately said there are also some shorts going to be squeezed out in the short term. Hub flows below show huge draws from key hubs in PADD I & II...and spot prices have followed. http://intelligencepress.com/features/bentek/
Thats awesome.... I used to send that to coworkers back in the good ol' days when PJM bal day rallied... Now that a rally is from 32 to 40, not as fun...
And I thought I was the only PJM balday trader bored enough by this market to be trawling the natgas bulletin boards for info. Even a very cold day like today has traded in a whopping $5.5 range thru the am peak. Ah, for the good ol' days of wylie ridge, branchburg, bedington-blackoak, etc. ...
The good thing about this board (energy futures, not the rest of ET), there is a decent amount of professional traders here. One can pick up a thing or two occasionally.