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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 markets had an exceptional up-day on Thursday. The day started out with a gap down, they immediately reversed and then rallied all session, and sharply so. At the end of the day, they had a half-hour consolidation that didn’t really pull back much, and closed positive on the day. Net on the day, the Dow was up 216.84 at 25,962.51. The S&P 500 was up 30.65 to 2854.88. The Nasdaq 100 was up a whopping 112.52 at 7493.27. Advance-declines were 21 to 8 positive on the New York Stock Exchange, and 3 to 2 positive on the Nasdaq. Up/down volume was a little less than 2 to 1 positive on
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