Does the Market Sell the News?

Daily Continuous

This is a dangerous period for the market — Last weeks strong gains were tied to IDA and the expectations associated with it. Now we get the actual news of damage, combined with LNG restrictions and demand destruction. Prices open last night expanding to a new high, but this move was prior to any knowledge of the actual events associated from the storm. If buying looking for additional gains- keep stops tight as the elevator may decline swiftly. If selling looking for a correction, there are not numerous areas for support until you find the storage report lows (last Thursday) after the report was released. That event started this move higher (some might call it parabolic).

Major Support: $4.211, $4.156, $3.92, $3.821, $3.722, $3.58, $3.538-$3.511, $3.385, $3.368-$3.316,
Minor Resistance: $4.508-$4.485,
Major Resistance:
$4.532, $4.66

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