@Gary, I saw in the weekend report that you have a position in natgas. Can I ask you what you think of its COT? Commercials increasingly long, large specs short, widening. .
Gary October 11, 2022
The reason I held UNG was per an update, the seasonal and the drop to the SMA 200. But I released it today as it’s grinding the SMA 200 and due to my counter-cyclical view. That said, an Energy/Gas bull should not have sold it yet going by the chart.
As to your point Bart, the CoT is another positive to go with the seasonal. I may buy it back, may look elsewhere in the sector or may leave well enough alone. At this point I am taking the markets week to week.
Bart October 11, 2022
Thanks Maestro. And I understand your counter cyclical mood. GSR and SMH underperformance seems to suggest S&P goes lower … but you also said at the time – if I remember correctly – that natgas could have a life of its own.
Gary October 11, 2022
Exactly! And why I am not giving up on it.
Anonymous October 11, 2022
Gary, I noticed the IMF is out screaming that the fed is gonna blow up the world economy if it doesn’t change course. Would you say this is the beginning of “vampire invites” going out ? Thanks
Gary October 11, 2022
IMO the Fed is just praying that inflation signals will start to back down. Meanwhile, they hawk to script.
@Gary, I saw in the weekend report that you have a position in natgas. Can I ask you what you think of its COT? Commercials increasingly long, large specs short, widening. .
The reason I held UNG was per an update, the seasonal and the drop to the SMA 200. But I released it today as it’s grinding the SMA 200 and due to my counter-cyclical view. That said, an Energy/Gas bull should not have sold it yet going by the chart.
As to your point Bart, the CoT is another positive to go with the seasonal. I may buy it back, may look elsewhere in the sector or may leave well enough alone. At this point I am taking the markets week to week.
Thanks Maestro. And I understand your counter cyclical mood. GSR and SMH underperformance seems to suggest S&P goes lower … but you also said at the time – if I remember correctly – that natgas could have a life of its own.
Exactly! And why I am not giving up on it.
Gary, I noticed the IMF is out screaming that the fed is gonna blow up the world economy if it doesn’t change course. Would you say this is the beginning of “vampire invites” going out ? Thanks
IMO the Fed is just praying that inflation signals will start to back down. Meanwhile, they hawk to script.