Crude and Nat Gas Update - Shorts are working but beware!
We have been short energy since the gap up on Sunday. Now, it's time to lock profits in, especially in crude oil. The bounce off the lows today coincided with a 50% Long of the upmove, to the tick. That is a warning. Those in shorts above 81.08 might let it ride, as that is the 61.8% retrace. However, given the hit to the tick of the 50% long, we are inclined to lift the short. Nat Gas has continued to work lower, albeit in choppy trade. We have been sellers above 3.50 and think that it can go lower, to that $2.90 mark from here. Lock in gains on any move below $3.00.
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