There's Nothing Natural About It

We have been operating in a market where many leading stocks and various other issues have been acting increasingly "tired" of late. However, as bears can attest, the elusive giveback for anything more than a momentary blip to red, perhaps, on the Nasdaq has been met with instantaneous dip-buying as it seems like a one-way rally is destined to continue for the foreseeable future regardless of how glaring bearish the news flow and economy have been. Simply put, that mindset of immediate dip-buyers swooping in every time will persist until they see diminished returns and eventually are swiftly punished. 

However, despite NVDA earnings next week likely to be a catalyst (or more likely, an excuse) for the semiconductors to either blow-off higher or finally crack after a steep rally, this session has thus far given off a rather sleepy, summer Friday vibe.  DKNG is coming in after earnings, though still consolidating well overall, and IQ is getting crushed as we are reminded to always use care with China plays. 

That said, natural gas is breaking out from the bullish bottoming pattern we previously examined, both here and with Members. On the updated UNG ETF daily chart, below, you can see as much. It sure looks like natty has a date with its 200-day moving average (yellow line), above. Much like tech stocks, natty is acting tired. But in this case, after a decade-long bear market, natty is probably just tired of going down and seeing rallies fizzle out. We are eyeing a few related stocks to this commodity into the weekend.