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And then there is Natural Gas, which again is showing a bit of life on the upside as it carves out an 8-session sideways range, or bottom, between 2.83/2.85 on the high side versus 2.76-2.75 on the low side. Whichever side of the range is violated and sustained, will trigger follow-through to either 2.90-2.93 or to 2.70-2.68. Given the positive juxtaposition of my nearer-term momentum gauges with the sideways price action, my bias is for an upside resolution to the current pattern set-up. The Model Portfolio is long UGAZ at 11.07.
The stock market had a mixed, but positive session on Wednesday as indices opened to the upside, then immediately gapped higher to morning and session highs on strong earnings by retail giants. They came down, bounced around, and consolidated into a late morning test of the highs. They couldn’t get through and continued to consolidate as they descended lower to a new low just as the FOMC was ready to start. Midafternoon they rallied ahead of the release of FOMC minutes, but then moved down hard on FOMC comments. They snapped back, and in the last five minutes they took off, but pulled back s
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