Natural Gas U.S. Futures ($5.52)

It's not easy to surprise me at my age, but I have to say I'm impressed by the continuing weakness in the price of natural gas. I had recently described the trading pattern as base building with a downside bias. Now it's beginning to look more like a repeat of the 2001 debacle that saw gas plunge from $10 to $2 over a twelve-month time span.

I cannot fathom the fundamental reason why the pattern looks so ugly, but for now I have to move to a bearish stance in a big way. As I have said many times before, I don't deal in fundamentals.