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Yet again, the bears stumbled mightily during the final hour of trading.
As Jason Goepfert of Sentimentrader.com stated, “The late-day rebound saved the indexes from suffering what could have turned into a relatively large down day. That marks day #30 so far this year without a 1% down day, the 14th-longest streak since 1928.”
It is expiration week, so moves like today’s are to be expected, but the price action today was indicative of the last several weeks – down at the open rally towards the close.
The bottom-building processing in natural gas and its related ETFs continues. The ProShares Ultra DJ UBS Natural Gas ETF (BOIL) pattern begins to round to the upside towards a confrontation with its Jan-Feb resistance line, now at 13.95, which if hurdled and sustained should trigger upside follow-through directly to test the prior rally peak at 14.55 (hit on Feb 7).
Right now, my near- and intermediate-term work argue strongly for upside continuation and acceleration. That said, the patterns and anecdotal evidence are potentially so bullish that I am expecting the next up-leg to be accompanied by a fundamental catalyst that is so compelling from the long side — and such a game-changer for the shorts — that the latter group has to cover and perhaps reverse its polarity.