This past Thursday China’s flash Markit/HSBC Purchasing Managers’ Index (PMI) came in at 49.6. When this number drops under 50, it signals an economy is no longer expanding. This appeared to be the catalyst that triggered the US markets pullback. And I think that’s all it is, a normal pullback.

Nat gas has ripped through the $5 level on the deep freeze sweeping the country. (2 charts below)

Click here for a chart of the ES

Click here for a chart of the TF

Click here for a chart of the NQ

Click here for a chart of the YM

Click here for this week’s comparison chart

Click here for a chart of NG

Click here for the long term NG chart

If you have any questions, e mail me at [email protected]

Thx,

Dave

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