OK, market starting to make a little more sense now. The pullback today and this evening was healthy in my view. Too much profit on the table from $6 for things not to retreat. Now- the next 12+ hrs of trading are crucial IMO. If everything holds up thru overnight and first thing tomorrow I think we are in the clear for prices moving higher again.
1950 ET
Early evening selloff sent Sept contract down to 679, but now holding steady at 682.
2055 ET
Some minor price fluctuations and decent volume. Sept price stands at 682.
** my take ** - right now leaning towards some buying going into the weekend and Mondays progress report. With recent weather it is hard to imagine the report will improve. Couple that with the hedges buying up until Tuesday probably.
2155 ET
Getting some real movement upwards now. Sept at 685 and change, Dec at 675. Will be interested to see prices in the morning.
0720 ET
Overnight there has been continued buying, bringing Sept prices up to the 689 level.
** my take ** - shaping up to be a bullish day. barring some early sell-off we are probably headed higher from here.
Patrick
