UNG
I'm getting trained to have little faith that this will hold by the end of the day. Just something to keep an eye on for market liquidity IMO.
UNG daily engulfing candle possible if we close here or higher
Started by
CHAx
, Feb 02 2009 12:17 PM
9 replies to this topic
#2
humble1
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Posted 02 February 2009 - 12:37 PM
dunno what UNG is but how about a daily on the spx?
yummy!
#3
CHAx
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Posted 02 February 2009 - 12:57 PM
Long some RTP stop below Friday lows.
#4
CHAx
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Posted 02 February 2009 - 01:00 PM
Natural gas futures ETF.dunno what UNG is but how about a daily on the spx?
yummy!
#5
CHAx
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Posted 02 February 2009 - 04:11 PM
I plan on building a position in UNG tomorrow as long as it is not a gap larger than 2 percent. If it does, I will wait for the gap to fill. Stop will be 6-8 percent loss depending on entry. Looking to sell around 23.50-24
#6
CHAx
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Posted 02 February 2009 - 04:15 PM
I plan on building a position in UNG tomorrow as long as it is not a gap larger than 2 percent. If it does, I will wait for the gap to fill. Stop will be 6-8 percent loss depending on entry. Looking to sell around 23.50-24
#7
VolPivots
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Posted 02 February 2009 - 11:41 PM
I heard the 1st bullish news re: NG in a loooonnnnngggg time today, relatively speaking. Fuel-switching and further reductions in rig counts causing the supply minus demand balance to be less positive.....still very positive overall with current projections suggesting storage in the fall will be at FULL capacity, but nonetheless the 1st less bearish news in quite some time. Long-term remains bearish especially with all the new LNG production coming online the next coupla years....how much makes it to the US is anybody's guess.
For anyone curious about the ongoing electricity hedging strategy I previously posted, my son is outright long as of last week....underwater on UNG w/ an average basis now of $20.6 (never got a chance to put on the covered call play....this thing moved southbound much faster than I imagined it would) with these trading losses slightly more than offset by lower annual electricity spend.
For anyone curious about the ongoing electricity hedging strategy I previously posted, my son is outright long as of last week....underwater on UNG w/ an average basis now of $20.6 (never got a chance to put on the covered call play....this thing moved southbound much faster than I imagined it would) with these trading losses slightly more than offset by lower annual electricity spend.
#8
CHAx
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Posted 03 February 2009 - 10:34 AM
Thanks for comments Market Neutral. Half in at 18.40 stop near 17.
#9
Rogerdodger
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Posted 03 February 2009 - 11:31 AM
This thing has been brutal for buying without stops close by.
I got stopped out quickly when it broke that 26 level.
Who knows when that downtrend line will be broken?
But it may be trying to head to that 22 area, where the downtrend line and the 50 DMA are headed.
We should see some volume come in before any substantial rally.
So far it stinks like natural gas.
http://stockcharts.c...8483&r=9875.png
I got stopped out quickly when it broke that 26 level.
Who knows when that downtrend line will be broken?
But it may be trying to head to that 22 area, where the downtrend line and the 50 DMA are headed.
We should see some volume come in before any substantial rally.
So far it stinks like natural gas.
http://stockcharts.c...8483&r=9875.png
Edited by Rogerdodger, 03 February 2009 - 11:33 AM.
"Nature's Failure to Function in a 'Predictable Way'... 500 years ago?"
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.
#10
CHAx
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Posted 03 February 2009 - 12:05 PM
Thanks for the chart rodger. I am targetting higher then 22 because if this holds it should snap up violently, taking out the MA for a day or two. Decent chance we go lower IMO.
