Whoever Said the Rhyme Most Certainly Did This Crime

The price action in natural gas today is a good counter-point to the enthusiasm we are seeing other commodities, namely crude oil, copper, and the precious metals. 

Specifically, headed into the inventory report tomorrow morning natty is failing to confirm the major bottom many have been expecting. 

On the updated daily chart for the ETF, below, note that the long base bottom is still very much in play. Indeed, commodities are volatile enough without assuming a long-term bottom which has yet to be proven. 

However, headed into both the inventory report and the FOMC tomorrow the risk profile of playing for that bottom is not likely correct to be positioning for that good low. 

Elsewhere, UA is essentially trying to piggyback the market here, a leader making new highs,while the Nasdaq flips to flat/red and the biotechs are notable laggards.