Natural Gas U.S. Futures ($11.25)

The price of natural gas had made spike highs three times in the eighteen months prior to the most recent price run-up. If previous events are any guide, they suggest that we may be passing a fourth spike high price as I write today. If this turns out to be true, we should look for a quick retracement to the $8 to $9 area, followed by another base building process to take us to the next spike sometime in 2006.

As I see it, these price spikes are noise in what would otherwise be recognized as a strong longer term uptrend.