Seamlessly

Futures: Bearish Mood Prevails Over Early Bounce

Y2K was not an issue yesterday for traders in the natural gaspit at the New York Mercantile Exchange as they seamlessly made theswitch from the December 1999 contract to the January 2000contract. They did, however, have some unfinished business to takecare of. After opening at $2.33, January rumbled 9 cents higher tofill in the chart gap created by December, between the Nov. 19 lowof $2.39 and the Nov. 22 high of $2.35. But before any talk of asustained rally could circulate-bears, armed with fresh forecastscalling for above-normal temperatures-were successful in all butcompletely erasing those early morning gains. At the closing bellthe January contract was up just 2.2 cents to finish at $2.352.

November 30, 1999