Heard from many of you fundamental folks that the collapse two days ago was do to an explosion at an LNG facility that (I understand) will impact flows of gas in the US — allowing more gas to go into storage. Ok, I am with you so far but $1.50 loss– seems a little over board for 21 Bcf over the next three weeks. Nothing has changed during the morning hours (per information on the fire) — yet price rallied back to $9.00. Regardless of the fundamental impacts (they do not effect my diatribes) — if you need proof that this is a serious bull market run — you got it yesterday when the prices rebounded that quickly with little information. An element of trade that confirms my technical bias — is that prices did not hold below the trend line (discussed yesterday) on a daily closing basis. Rather, similar to the May 10th collapse, prices rallied back above the trend line. HMMMMM May 10th, June 9th — I am sure it is coincidence.
Major Support:$$8.73, 8.283-$8.24, $8.12 Minor Support: $8.065, $7.69,$7.36, Major Resistance: $9.447, $9.60
