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Under normal circumstances, if you had told me natural gas was trading at $4.62 in the middle of March, I would have been probably somebody who would ask you, are we in a war? Well, it turns out we are and it turns out that the sides fighting each other, although one be a proxy, are still doing business. So, there you go.
I do think eventually we will sell off quite drastically. Like I said, I’ve been on the sidelines for a while now. I’m just waiting for the signal. I just haven’t had it. There’s been a couple of attempts at breaking natural gas down. We just haven’t seen it successful yet, but to come in and buy after this type of move, especially those who got in at $4.88, later in the same day, they’re getting exactly what they deserve for chasing.
Again, when you look at this from a historical standpoint, this is a pretty extended move, and therefore, I think you have to probably look at this through the prism of a market that’s just really stretching into an area that could cause a lot of resistance. But we’ll just have to wait and see. I prefer shorting. I just don’t have the price action to confirm that. So, I’m on the sidelines.
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