August 20, 2009
– Comments (5) |
RELATED TICKERS: UNG
Going thru the charts and checking how much UNG has fallen in the past intraday. I can say today we have complete Panic sellers at the Decade low prices for natural gas.
Natural gas is down -0.18 to $2.94 breaking below $3 for first time in 7 years.
Natural gas will be back over $5 by Dec. 2010 thats nearly a double from current price. UNG is a basement bargain at current price.
Overproduction and lack of available storage places apparently.
UNG is a dog but I agree with you IBD. Look for a bounce after Aug. 27 (when Nymex rolls -- UNG has already rolled). A sell opportunity in both Calls and the underlying asset will present itself
I blogged about this last night (before the pain)