Ngas Range 7.3845 6.4476 for few days USO 50.6285 46.6355 for 3 days or so ngas if u want the worry free levels 8.3004 5.3375 should do ok for many weeks Finland and alaska ..Very Cold ---> what I meant by bias... Just kidding...it's nothing really GL and thanks
Okay, got it....thanks for clarifying. The worry free levels are very wide, so I'm not sure they could really be considered worry free (at least from a trading perspective), but thanks for pointing them out none the less. Best of luck to you as well....
What's your next target? Think we may see a rally going into tomorrow's number, and if the withdrawal is at or below storage expectations I think we can say 'hello 6 handle'... Even if we draw down 265+ Bcf, I think any rally will be short lived and represents a good selling opportunity. I do not share Comanche's bullishness or 9.05 March target despite the appearance of the head and shoulders bottom on the weekly chart. Do you take into account headline market shock and fundamental analysis, or trade purely on technicals?... Obviously you know your stuff technically and I am always eager to hear what you have to say. Thank you.
And the number is . . . 259 BCF Yawn. The U.S. National Oceanic and Atmospheric Administration expects above-normal temperatures next week will end a spate of freezing weather in the Northeast, which accounts for 80 percent of the nation's heating oil demand. But the bitter cold of recent weeks hasn't resulted in the draw on heating fuel stockpiles that market analysts had expected to see. Going lower . . . NOTE: For the period ending Feb 6th, open interest was virtually unchanged versus the week before at 1.419 million contracts. For the same period, non-commercial traders reduced their net short position by 10324 to a net short of 2462 while commercial traders increased their net short position by 13861 contracts to a net short of 26933.
Agreed that prices should now begin to trend lower...but thus far the market doesn't agree with me. Friday's rally was on very light volume and failed around 2:15 PM, 15 minutes before the close, losing nearly 20 cents in as many minutes, but they opened it above the close in last night's electronic session and it doesn't seem to want to budge either way here so far today--admittedly NO ONE is trading, a little over 500 lots between H, J & K so far. Should be an interesting week anyway. The light volume from Friday minimizes the bullishness of that rally, and the predicted change in weather should bode well for bringing the sellers in, but we will have to wait and see which way the big players want to push it.
... the bulls vs the bears: the light volume of that last monday -.60 day minimizes the bearishness of that rally. compare that to the volume of the up rally the week before.
Rallies typically denote an upward move, while I think of selloffs as being associated with moves to the downside. Regardless, I see your point--neither move has the validity that is typically associated with an indicative trend. That said, I'll take a grizzly over a mean ass bull any day. Much prettier animals and much more fun to watch, kind of like markets topping out and collapsing brings me more joy than watching one take off to the upside. As long as you're on the right side though, either way is fun.
Hey again...just went back and looked and noticed two things: the down move wasn't 60 cents, it was just over 35, and was only 40.4 from open to low....also, the volume was very heavy, about as heavy as any day has been. I went back and looked at the 80 cent up day in January, and that was the second heaviest volume day this year (the following day being THE heaviest), with last week's move being the third. Am I missing something?