Today’s action

EIA puts out a 112 and gas still ends higher. I’m thinking short covering here. The timing of the day seems odd to just be a move higher. Some shorts are probably being more cautious coming off of a big run down with so far, what seems to be straight down.

Seems we had broke through every technical level of support. My first take on this is 50day moving average would hold the keys here, but tomorrow is friday. I’ve learned gas is always full of surprises, like shifting opinion over a weekend. I’m still going with the idea 50 day will be resistance, but i remain cautiously long. Being positioned with 17% of my account in UNG, I can manage about any drop from here and scrape a little in if we break through the 50 day. If new lows are created next week, i say let it fall to $2.20, reevaluate and watch for $2 gas

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