Prices opened down $.20 in the Sunday night trade, creating a gap in the Daily and Weekly charts between $4.487- $4.384. My assumption is the forecasts changed (warmer) and Sunday night’s action is more about liquidation (volume high in initial 5 minutes) than an alteration in the bias. Go into expectations for the March contract in the Weekly section – but let me summarize that the declines (now and may be coming) do not alter the general bias that remains in the market. I mentioned last week about the expected trade in early March (as prompt) contract and those expectations have come true — now it is time to trade with a range trade bias.
