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Scaling Into UNG?
By Mike Paulenoff | Published  07/23/2009 | Stocks | Unrated
Scaling Into UNG?

After this morning’s marginal new recovery high at 14.00, the U.S. Natural Gas Fund ETF (UNG) reversed to the downside in reaction to in-line inventory data, which pressed indices to an intraday low so far at 13.25. We initiated a 25% long position in our model portfolio at 13.32. If the UNG is unable to consolidate and lift off from the 13.30/25 area, then I will be looking for another loop down towards 13.00, where we will add another 25% long position.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.