Tuesday, June 02, 2009

Closed UNG

Closed UNG it at $15.72. Could've made more but don't wanna be greedy in a bear market. Still happy with the profit... I mean profit is profit.

It was looking like an inside day which usual means a reversal of the recent trend. Additionally, I have E3 in a bit so having this on my mind would get me too distracted. So, cash position for now.

If USO (crude) is any indication of the direction of the energy sector, then it seems that it has formed a short term top. I'm looking at a retracement or a gapfill of 36.4 eventually. So I'd stay away from oil until it retraces. It's likely to hit major resistance at the 39 level. So I guess selling UNG isn't a bad idea after all.

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