Replies to post #23248 on Velocityshares 3X Long Natural Gas ETN (UGAZ)

[JR30]

Like I said, it didn't close above $2 which would have supported a reversal is in play. Looks like we may see below $20 again on UGAZ LIKE i said last week.

[dude iligence]

Ng low 1.76 contango gap close ng basically dropped from 1.81 to 1.76. FWIW I bought UGAZ $22-$21,this morning on the ng dip. Contract expires tomorrow. Stop limit in place

[dude iligence]

Last Wednesday stockxharts rolled the ng chart may to June. June contract was 2.08 at close over next 4 days the contango bled out of ng ugaz lost 41% dgaz gained 56% as June price moved toward may. Now ugaz is lower and dgaz higher for any given price of ng. No one seemed to notice this reoccurring event when contango is present. Just another ng trading op.

Ng strong move today after contango unwound. Stiv posted a chart that shows the upward channel that has been forming since early April. Today net short long ng positions are even at 176k each. This after being record short for months. The pendulum is swinging back the other way. More evidence of the pressure building for a NG Breakout. Crude dropped another $2 to $11. Who's going to be drilling for oil at these prices, less associated gas. Too much ng in storage will never be a problem just hit the sparky button and flare it. Summer just around the corner. A NG close above $2.02 will get things going.