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Good morning, and the adventure continues! Futures traders see stocks +0.18% and metals at -0.10%, no major econ reports (not til Wed.), interesting news tho..

Fewer active managers beat market than at any time in decade Fewer fund managers are beating the market this year than at any time in over a decade, piling further misery on a profession that faces increasing investor scepticism. Fewer than one in five active managers ... Financial Times
Private investors pour billions into mobile internet growth The tech industry has a new Billion Dollar Club. The label used to have a certain exclusivity when it came to private start-ups. But it no longer seems so selective: more than 40 tech companies have broken ... Financial Times
With dollar on a tear, gold and silver rout far from over - Reuters poll Half of the 27 respondents surveyed on Wednesday and Thursday predicted gold prices will breach a critical support at $1,100 per ounce by the end of this year. Reuters
Piketty's Equality Reached a Sad Conclusion In Berlin - Swami Aiyar, IBD
The 4% Withdrawal Rule for Retirement Is Broken - Jon Stein, USA Today

Pete -- NG build last week was 92 BCF, well more than typical for first week of Nov. Notwithstanding, we've had an instant 40-cent rally since. This leads me to believe that the NYMEX boys are focused solely on the long-range weather forecast for a cold winter (in the NE, mainly, but nationwide generally -- the NE always controls the futures, regardless of whether its 75 in Cincinnati and 80 in Charlotte).

This rally looks very persistent, and will only ebb week-by-week when the extra-cold weather does not materialise. A January ratio-spread, long 1 600 call and short 4 or 5 700 calls, looks very attractive. Defend at 600 by buying 1 650 call, and (if!) at 650 by buying 1 675 call. I don't think defense will come into play, though; the trade only lasts for roughly 6 weeks. It'll take a hell of a cold snap to bump prices another buck.

Good trading, SAJ