More of a Summer Gathering

The post-holiday action has more of a feel of a casual summer gathering than it does an action-packed market seeking price discovery. Another soft open has seemingly been blunted by dip-buyers this morning, with plenty of individual names green and aloof to attempts by shorts to take us lower. Until that changes, it is tough to see bears making any real dent in equities, even as leaders like AAPL SBUX keep lagging. 

Natural gas is pausing after inventory which, given the surge in UNG this week on volume, is welcomed as we look for a fresh long entry perhaps early next week. Natty has been a notorious heartbreaker but if recent gains above $7.05 can hold, progress can certainly be declared for some type of hurricane season trade, at a minimum. As an aside, crude oil inventory is coming out at any moment now and was pushed back a day to the short week. 

Elsewhere, soft commodities are quietly making some noise, namely sugar today. We are discussing and playing some related ideas with Members this morning.