A look at the chart shows we haven't missed much by calling it a trade yesterday, on the spike down to $3.129, and for now I think the 'puters are as confused as I am but maybe a trade will present itself. To quote Warren Buffett:
"...Charlie Munger, my partner in general management, and I do not have any such ideas at present, but our experience has been that they pop up occasionally.
(How’s that for a strategic plan?)..."
Here's Reuters with some commentary:
* Technical buying props up prices
* Mild Northeast, Midwest weather limits upside
* Stocks climb above 5-year average, first time since March
* Coming Up: Baker Hughes rig data, CFTC trade data Friday
(New throughout; changes byline, adds trader quote, updates
prices)
By Joe Silha
NEW YORK, Aug 9 (Reuters) - U.S. natural gas futures, backed
by technical buying and short covering after Thursday's slide to
a 5-1/2-month low, edged higher on Friday, but buyers remained
cautious in the face of mild extended weather forecasts that
should curb demand.
The front contract, which lost 11.7 percent in the previous
two weeks in its biggest two-week drop in 13 months, is still
down about 1 percent this week.
But technical traders agreed the market was oversold and due
for a rebound after losing more than 15 percent in the last
three weeks.
"The market is bouncing a little - shorts are probably
taking profits after the recent slide - but the weather looks
mostly normal or slightly below which doesn't bode well for
would-be bulls," a Pennsylvania-based trader said.
At 12:10 p.m. EDT (1610 GMT), front-month gas futures
on the New York Mercantile Exchange were up 0.9 cent at $3.306
per million British thermal units after trading in a narrow
range between $3.278 and $3.326...
...MUCH MORE
