Last night’s EIA drilling report confirmed that natural gas production is set to increase in February. This is a bearish indicator for natural gas prices, and as such our holdings that are directly correlated with natural gas prices (NYLD/A, XLE) fell slightly throughout the day. This only slightly offsets yesterday’s storage decrease, so these issues remain up for the week.
For the rest of our portfolio this was a very mild up day due to a slight rise in the S&P 500. This contradicts today’s treasury rate increase, and dollar strength increase but it does gain back some of yesterday’s market loss.
A slight strengthening in the dollar after yesterday’s dramatic slide caused COTY to fall slightly as their corporate assets are in Euros – though they are still up for the week.