Another Short Squeeze Friday
Looks like the market is going to squeeze the shorts for the second Friday in a row, and as I reminded you in the last update - Dated May 25th - never trust the traders on CNBC, and "never sell a dull market".
To be honest I only have a few traders following me on my private twitter account @3XTradersLive, and unless things pick up substantially over the next few weeks, I'll no longer be accepting new paying members. I may decide to leave it open, and not require payment up front, or maybe only require $2, in order to weed out the bots, and the trolls, but unless I can draw a crowd like I did in the early days...; It's just not worth the added stress in my life.
I did call the bottom, and we've enjoyed the biggest rally we've seen in nearly 2 months, and that's not even counting today's continued short squeeze.... More on that, when we get to the golden mean...
Natural Gas
1. Anyone who's been following me on my regular twitter @3Xtraders, knows I've been covering Natural Gas, and the energy trade very closely over the past several weeks, so when #NatGas dropped back below $9 on Thursday 5/26/22 - just ahead of Contract Expiration I noticed it! In fact I charted that top in real time!
#NatGas retested yesterday's high, and came crashing down. updated pic.twitter.com/NDf5YvFXi1
— Veteran Market Timer (@3Xtraders) May 26, 2022
2. Of course this only like the 12th time I've tried to find the top in NatGas, and I'm still not sure this is "the top", or just a (short term) top. I think that depends on whether we see a mad rush for the exits ahead of the long holiday.
I'm sure you've heard the saying, "sell in May, and go away", and that saying seems to apply to the bloated energy sector. Will the powers that be take profits, ahead of the summer break?
3. I also recognized where Natural Gas bounced, because I immediately knew where to look!
The Golden MeanThe #Fibonacci #GoldenMean (ratio) is bought. #NatGas ALGOS pic.twitter.com/cib4M3qToF
— Veteran Market Timer (@3Xtraders) May 26, 2022
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