-120612.jpg "Click to enlarge")
12/6/2012 Weekly Natural Gas Storage Report (0530 HI time / 1030 EST)
Forecast: -70B
Actual: -73B
SPIKE/REVERSE
Started @ 3.679
1st Peak @ 3.748 – 0531 (1 min)
69 ticks
Reversal to 3.614 – 0639 (69 min)
134 ticks
Notes: Slightly larger loss than was forecast caused a long spike of 69 ticks that crossed only the 200 SMA as it was using the 50 and 100 SMAs for support at the origin. With JOBB, you would have filled long, narrowly avoiding a premature short spike with about 22 ticks of slippage at about 3.711. Then you would have an opportunity to close out with about 15-20 ticks as it hovered in the 3.730 area. After achieving the 1st peak, it methodically retreated downward in the next hour for a 134 tick reversal, crossing all of the SMAs and eclipsing the PP Pivot by 23 ticks. After that it rallied again for about 90 ticks in the next 90 min, then continued its overall bearish trend. As the current overall sentiment is very bearish on NG, be careful about getting too greedy on long trades.