CRUDE WTI (CLG) Rats. Although properly positioned with length here, protection was too tight and we were stopped out prior to Wednesday’s anticipated rally.  If given the chance today, we’d buy at 4250 – 4150, risking one hour of trading or a close below 4050 at the outset.  If violated, we’d have to allow for a test of 3700.  Otherwise, present patterns point to 4800 – 5000 in the coming days and perhaps a bit more.

HEATING OIL (HOG) Great buys here on Wednesday!  If you’re still carrying length, raise protection to one hour of trading or a close below 13550.  If violated, we’d have to allow for a test of 12800.  Otherwise, we’d hold out for higher levels.  A close above 14600 would point to 15500 – 16000 in the coming days and perhaps a bit more.

RBOB (RBG) As above, great buys here on Wednesday!  If you’re still carrying length, raise protection to one hour of trading or a close below 9600.  If violated, we’d have to allow for a test of 9000.  Otherwise, we’d hold out for higher levels.  A close above 10900 would point to 11300 – 11700 and perhaps 12100.

NATURAL GAS (NGG) Protection on length was violated here and we subsequently got a minimum fill on stated downside objectives.  Although present patterns allow for 5.250 and below, a close back above 5.800 would make recent highs appear vulnerable to assault.  For the moment, we’ll remain on the sideline.

“Time has no divisions to mark its passage, there is never a thunder-storm or blare of trumpets to announce the beginning of a new month or year. Even when a new century begins it is only we mortals who ring bells and fire off pistols.”

- - Thomas Mann (courtesy of J. Scott Mathews)