Forget the FOMC: Here's the Real Main Event of the Week

Well, to be sure, The Fed still carries a good deal of significance for most asset classes this week. 

However, I suspect whether The Fed is hawkish or dovish will have little impact on the natural gas market. Natty has quietly been turning in impressive sessions of late, even as crude has lingered and is merely trying to hold the line. 

On the updated UNG ETF daily chart, below, we can see natty gapping up this morning above the $8.65-$8.70 prior resistance. 

So the real main even this week, for natural gas at least, will be the weekly inventory report on Thursday morning. If natty can survive the report with recent gains intact, the case for a more pronounced bottom gains steam, as does the case to add to or initiate longs. 

Elsewhere, biotech is still in focus for bulls this morning given the SRPT TBRA monster moves this week.