With my limited knowledge of technical analysis, this looks like a turn. I still don’t have high confidence since both weather models are showing weakness in the forecast. This could be short positioning covering before Thanksgiving, isn’t that a thing? If I were in charge of millions of dollars that belonged to other people (especially if I were ahead for the year), I’d want to cover and feel the relief knowing I can go spend time with my family and not even have to think about the market. Also I still believe new short positions will be quick to take profits. Why else would the market bounce on a lack of cold in the forecast?
That being said, I’m going to keep my paranoid stance on the UNG position I took yesterday afternoon. I will keep a mental stop at my purchase price of $19.32 until market open and place a market stop at that price.
Gonna keep my message quick today. So that’s it, stay long with a stop today and be thankful if it doesn’t stop out. If UNG gets close to $20, I’ll consider selling. Let’s see what happens.