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This does tend to be a very volatile time, but because of this, I want to take my time and see a nice surge lower to get involved in a short position. As far as buying is concerned, if it wasn’t for the seasonality, that would obviously be the trade here. But the last thing I want to do is be the last buyer of natural gas for the season.
The risk to reward ratio just is not that appealing to me right now. So as much as it pains me to not participate in what’s been such a strong three days, the reality is the move I’m looking for is a lot bigger than this. So, we’ll have to wait and see, but right now we’re still just flirting with that top and we’ll have to see if we can break through it. If we do, it could open up a move to the $5 level, which, quite frankly, I hope it does, because I can short it from a higher level at that point, as soon as we start to price in the warmer weather.
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