Morning Update Dec 6, 2019

Boring Friday is upon us. Weather models are pretty well holding their same patterns, both in disagreement still. This will most likely change over the weekend, but for the bulls/bears is anyone’s guess. When weather forecasts look too good to be true heading into the weekend, and pricing is ready to reverse, I’ll bet on the reverse. Right now this is not the case with weather forecasts or pricing. We will get a glimpse of managed money positioning late today.

NGF20 Dec6, 2019 on 2hr chart at Tradingview.com

2 hour chart showing a broken uptrend, yet it continues. I believe this break shows signs of weakness in the up trend. Look for slight improvements in my technical analysis in the coming weeks. I’m actually reading (a book that is). I can’t say I’ll ever be a true perma-bear, but I continue to be skeptical of the bull scenario here.

That’s really all I’ve got today. Things are too unknown heading into the weekend. I’ll remain out.

Oldinvestor