9 thoughts on “CHART OF THE DAY

  1. Bob UK

    As an aside Gary, Australian metrologists have just confirmed that the world is currently suffering from an El Nino and, as a result, longterm weather forecasts are forecasting a very cold winter for the northern hemisphere this winter.

    Yes, I know – weather forecasts… but it maybe it is another reason to look at the likes of UNG and Co.

    1. gary Post author

      I like UNG and have a position in that one as it looks like nat gas has put in an intermediate bottom.

      1. Bob UK

        According to this BBC report the last time we had an El Nino the US had:

        A strong El Nino five years ago was linked with poor monsoons in Southeast Asia, droughts in southern Australia, the Philippines and Ecuador, blizzards in the US, heatwaves in Brazil and extreme flooding in Mexico.

        Another strong El Nino event was expected during last year’s record-breaking temperatures, but failed to materialise.

        http://www.bbc.co.uk/news/science-environment-32704506

        UNG could be the obvious beneficiary but I am wondering also about two of the world’s biggest producers – Brazil and Mexico – and the affects of an El Nino this year.

        1. steve

          If you hope to make money out of weather forecasts, good luck to you. There are different types of el nino that produce vastly different outcomes. If you are “gambling” one way or the other it would help to understand them. They can also change on a dime with very little forewarning.

  2. Bill in Tokyo

    I’m in Gary’s camp that while UUP might bounce here as evinced by the divergence, the weekly chart still looks like this correction has a ways to go.

  3. Roy McIntyre

    Well, that was an inconclusive day. Except that I can conclude there is still a lot of buying pressure in this market, and if we are headed into a CL, then we are just now headed into it, with a capitulation / waterfall phase still a ways off.

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