30Oct10:36 amEST

Ignite the Gas for Halloween

While I would prefer a more textbook washout or crash before going long natural gas for a counter-trend rally, the UNG ETF, below on the 30-minute timeframe, is at least giving us something with which to work in terms of setting up context for a potential trade. Note the falling channel lines, highlighted below, indicative of the commodity ETF holding its ground at the support trendline. 

As long as UNG now respects the lower trendline, it is probably reasonable to now at least consider a day-trade long, though risk for swings remains elevated due to the gapping nature of the commodity and the fact that it remains mired in a bear market. 

I suspect back under $9.40 would see the selling pick back up. 

Elsewhere, the VRX weakness is not affecting XLV too much, yet, though a few short ideas we were looking with Members are in the red in the healthcare space. 

Stock Market Recap 10/29/15 ... Coming Attractions


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