Gas Booming Again
An “as
expected” injection into the storage report from the American Gas
Association Wednesday of 146 billion cubic feet is being reassessed following
forecasts for cooler weather in the Northeast. Natural gas (NGF1)
sold off
after the AGA’s weekly report was released yesterday, but after-hours trading on
Access bid the market higher on the reports of colder weather ahead. Natural gas
is breaking out of a high-level, intraday inverted head and shoulders and is
currently challenging the contract all-time high. Even though the AGA report
came in as expected, stockpiles remain serious depleted from last year’s
levels.
An earnings warning from Gateway computer
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PowerRating), one
of the nation’s largest computer makers, is whacking tech and has sent the
underlying Nasdaq 100 index
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PowerRating) to a fresh 13-month low. The
Nasdaq 100 futures
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PowerRating) is one of the leading contacts on the Implosion-5 List
and is trading down 46.00 at 2484.00.
This week’s revised GDP showing the US economy’s pace of
growth slowed last quarter was mildly supportive of the dollar Wednesday. Today,
however, the view is that the Euroland economy will grow at a faster pace than
the US and that is supporting currencies as the dollar falls. The December dollar index futures
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PowerRating) contract is down sharply, .98 to 115.58, after hitting a fresh New 10-Day Low
yesterday.
The euro FX futures
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PowerRating) is trading in a
narrow range after gapping up, then stalling at a six-week high after striking a
New 10-Day High yesterday. The Swiss franc
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PowerRating), from the Momentum-5
List, is also up .0066 to .5757. Note that the today’s low on the Swiss
franc corresponds to its Turtle Soup sell trigger reversal point.
Coffee (KCH1) sprung up to match a five-day
high but has given up all of the gains and is trading on its low of the day. The
contract’s Multiple Days Low
Volatility shows coffee is poised to make a larger-than-normal move in
either direction as volatility reverts back to the mean, and coffee is also
trading at the trigger of a 1-2-3 pullback-from-lows setup, down 1.55 at 73.00.