Once Again, No Jinx

Another quietly strong day for natural gas, this time after the weekly inventory report, to boot. Even though UNG is well off session highs it is still soundly green as I write this and continues to have a great May. 

RRC, below on the daily, is one long idea related to natty with a sound chart. 

As for the overall tape, a mild fade is setting in this afternoon after an exuberant week of meme stock squeezes and CPI celebrations, all of which I believe is misplaced. 

The semiconductors are, for the time being, still below their March 8th highs which marks a divergence of sorts. Again, that can change quickly if we keep gapping up so there is not much value in overemphasizing any one given market reversal unless and until we see serious follow-through lower.