Bought more UNG today at $12.22. The fact that the stock actually stopped trading for a while means this panic is overblown. This was a prior GTC order that hit today.
Bought more UNG today at $12.22. The fact that the stock actually stopped trading for a while means this panic is overblown. This was a prior GTC order that hit today.
"Don't let your highs get too high and don't let your lows get too low." Bullitt’s Market Blog
The reason for the sell off yesterday was because Big Brother is threatening to squash the 'Speculators' in the commodity markets. The beauty of an ETF is it can issue shares whenever it wants to, which is why following volume in an ETF isn't quite as telling as most chartists believe. UNG has been issuing shares monthly as part of the whole rolling contracts over thing it has going on. Allegedly this is pinning the the price of UNG. The move in May was due to the ETF being delayed by two weeks in issuing more shares. I don't believe in any way the markets are run by supply and demand, but if an ETF can no longer issue shares after it's been doing it since inception, we could get a demand shock.
What's my holding period? If it was a trade, I would have sold out at 17 with a gain, but I'm looking at this thing moving higher towards winter time. Maybe a hurricane or two will hit. I hear we're in for a 'mild' winter and 'mild' hurricane season, so all the reason more for this to go higher given any surprises.
http://www.thestreet.com/_yahoo/stor...FREE&cm_ite=NAIf there are more buyers than sellers (and interest has been strong), shares are likely to trade at a premium even if the price of natural gas declines -- something the fundamentals and technicals would imply.
If I knew it was going this low, I wouldn't have started to buy as early as the mid 14's, but what can you do? I'm thinking UNG is currently finishing it's capitulation phase.
"Don't let your highs get too high and don't let your lows get too low." Bullitt’s Market Blog
Thanks for all the info you been giving for UNG. I have been waiting to buy some for a while. I was thinking of buying yesterday, but heard of the halt, so I waited till today. Bought a minor position at 12.15. Am prepared to buy a little more if it goes down.
Also, I have been watching USO. Should have gotten in today, but was super busy and couldn't watch too much. I should put in an order so if it should go a little lower I will get in. But futures tonight indicate a little bounce so we will see.
Again thanks for the input. I have a service I follow and they are saying the same things as you.
wv-girl
Good luck WV Girl. Just don't buy all that USO at once, it's going to be a wild ride like UNG. If you're playing with UNG then you've already started at a lower price than I have at $12.15. Let's hope it doesn't go too much lower and at least keeps basing.
Once we hear the chart watchers say, "UNG appears to be almost at a bullish crossroads", or some rhetorical statement like such, I'll consider selling some shares.
"Don't let your highs get too high and don't let your lows get too low." Bullitt’s Market Blog
I agree. It seems the more people that get 'bearish' or 'bullish' then the market goes the other way.
I'm thinking that USO may spike a little and then head back down. It would make sense that big brother would want more people traveling this summer-hense slightly lower prices. I know it sure helped earlier this year.
Well, USO isn't cooperating. No spike. Still watching. UNG seems to be holding its own fairly well. Looking to buy more if it drops.
wv-girl
Thanks Tom. In hind sight, left some $ on the table, seems I got out too soon but hey, I am not complaining. Any profit is good. I am still fairly new to trading, compared to most members, but I am more than willing to learn from others and also share what I learn. The way I view it is -- all of us can only get better.
wv-girl
p.s USO is looking good. oops--up after hours. Seems like it is stuck in a range.