Wednesday, May 13, 2009

UNG - Closed Position

Had to close because it started to look really weak. In fact it started looking like a bear flag and gut tells me price wants to retest the breakout area of $16ish. Did make a tiny profit though... of course not enough to brag about.

- Closed @$1.10
- Opened @$0.9, which makes a profit of 22%
- Will likely retest the breakout area of $16ish
- EIA Natural Gas report coming tomorrow... anything can happen. Don't wanna chance it.
- All in cash now. Will see how market reacts the next few days.
- Market pretty extended.

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