More Dignified Action

Amid plenty of other issues in markets and the world, it is quite easy to overlook the recent strength in natural gas after a prolonged period where natty bulls displayed unrivaled ineptitude. 

On the UNG ETF daily chart, updated below, the gap up today is a sizable one. And over the last few weeks we have seen some tangible evidence of at least a temporary bottom in place. As long as UNG keeps making improvements with higher lows into dips, it is hard not to think that the case for a washout bottom is strengthening by the day. 

RRC and CHK are some natty gas-related charts which happen to be in a bit better shape technically than many other charts in the energy sector at-large. 

Elsewhere, semiconductors at still at the epicenter of this mania in tech/growth/AI. The rug-pull can come at any time with any excuse, be it Powell's testimony on Capitol Hill this week, or the jobs report Friday--It is almost irrelevant at this point what actually pricks the bubble. The irony speaks loudly, indeed. In the end, the bubble takes on a life of its own and ends only on its own terms, not unlike someone taking the market hostage.