Bearish Freeze
Any traders holding on to natural gas shorts in hopes
that the futures would fall for a fourth consecutive day are getting squeezed as
forecasts for cold weather across the Midwest are driving prices sharply higher.
The January contract is in a Pullback From Highs
setup and has provided two intraday Slim Jim-like, stair-step entry
opportunities. Nat gas is up 13%, or 1.000 at 8.413
January crude oil
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PowerRating) hit its second 20-day low in five days, setting it up for a
Turtle Soup Plus One Buy.
Crude pulled back toward the middle of its range yesterday, enhancing the chance
that the Turtle Soup signal would work out. Crude is oversold after having
dropped as much as 22% since November 11. The market has declined in recent days
because of a renewed Iraqi deal to resume exports.Â
When a market can rise on bad news, it’s a good sign. A
closely watched survey from the German Ifo economic institute, showed that
business sentiment in that country fell for the sixth consecutive month. The
euro FX futures
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PowerRating), nonetheless, continue making progress out of their
pullback setup, gapping to a fresh three-month high.
Swiss francs
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PowerRating) are also higher. Both contracts are on the Momentum-5
List.Â
Going the other way and from the Implosion-5 List,
March dollar index futures
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PowerRating) are down sharply, -.75 to 112.47.
Also from the Momentum-5
List, T-bonds
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PowerRating) remain supported at their contract highs and are
up 3/32 at 104 20/32.