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Wednesday, October 6, 2021

Market Update 10/6 - yesterday's bearish signal

 Yesterday's bearish signal was found on the QQQ's on a simple 10 min chart. 

Looks like it's just retesting the lows, and trying to build a base, is my guess. 

Natural Gas:

Bloomberg reported yesterday that NatGas was making 10 year highs, which is hysterical. It's only testing the 2014 high. 

Russia is no doubt benefiting from higher NatGas prices, in Europe. 

$RSX - Russia - testing 10 year highs. Perhaps this is what Bloomberg meant...? 

Someone asked me for my outlook on the 3X NatGas bear $KOLD, which I've already provided. Forget which day that was.... 

No doubt speculators have been piling into $BOIL, because they believe there's going to be a gas shortage in the US, and hedge funds may even be shorting $KOLD. Leveraged ETF's have been used to manipulate the underlying indices, since their inception.   

$KOLD continues to trade in a bearish channel. Resistance 10.50, but I suggest you place your trades based on the Natural Gas charts. 

I'm out of time, AA 

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