The reversal yesterday was stunning (after setting a higher high), but what was more stunning was the response from my Daily yesterday. Most of you know and understand, that the basis of my trade comments is generated from the historical activity that demonstrates the market goes up in the early winter (I call it the Q4 high), goes down as the winter gets defined (I call the Q1 lows), goes up in the early spring (I call it the Q2 high) and finally goes down in late summer early fall (I call it the Q3 lows). I had a “tongue in cheek or sarcastic” comment about the rally, recently, had not even taken into consideration the upcoming winter forecasts. The response from a couple of subscribers was stunning, as I was ridiculed for not understanding that this whole move was based upon the upcoming winter. Oh– Wow your kidding– OK. I guess my sarcasm should not continue in the written form.– Good Luck –ain’t going to happen. Guess the moves in all the previous years (Q4) was by luck and not the expectations of upcoming winters. It is good to know that this year is so different than prior years, with the rally being based on the expectations of the upcoming winter (attn: sarcasm alert). Gee, I haven’t even seen a forecast for storms in November, yet, but I doubt it would effect my trade. BTW — my resistance level held the gains yesterday before the meltdown, so I understand the market looks out of control but it is showing signs (occasionally) of conformity. .
Major Support:$5.416, $5.341, $5.17, $4.88, $4.61, $4.537,$4.375, $4.211, $4.156, $3.92, $3.821, $3.722,
Minor Support: $5.62, $4.728-$4.70, $4.66
Major Resistance: $6.24-$6.493