I’m watching UNG very closely at the 12.30 level for any signs of a bottoming process. A break of 12.30 and the next support is 12. I’ve established the first leg of my position at 14 and I don’t mind being put more UNG in the 12-14 area. Thankfully I sold some September 14 calls on my current position and lowered my cost basis even more.
I’m still short some August UNG puts and if it breaks through 12 convincingly I will roll them to October 12-13 strike.
UNG-Hourly
TBSI pretty much destroyed the shippers today. Thankfully I bought some puts to protect my DSX longs.
I’m still short the 7.50 TBSI puts and I don’t mind buying it at that price to start my position. If there is more weakness I might roll them to September.
TBSI-Hourly
It was a pretty uneventful day for me. No trades. UYG continues to rip and I didn’t sell any calls against my longs even though I wanted to. My other holdings faired pretty well today too.
The market needs some consolidation or sideways action at a minimum. The Q’s are at a 61.8% retracement on a daily chart and SPY is also up against some resistance.
QQQQ Daily
Watching: UNG, FTO, SII, HAL, HOS, MDR, PTEN
Usually when my watch list has a common theme like it does now (oil and gas) it is a good sign. However, I can’t find anything I want to commit to so I’m holding steady with a 75% cash position until I see my setups.
The hardest decision when trading is knowing when to sell a winner. UYG is hardly a winner for me. I’ve held on to this stink bomb for quite a while now and I’ve managed to whittle my cost-basis down quite a bit by selling puts and calls as this thing bounced along what I hope is the bottom.
I’m not ready to close this one out yet but I am anxious to sell some calls on this to get me closer to my break even point. I still think it has some room to go, but there is a lot of supply available in the $5-7 range (see daily).
UYG 60 Minute
UYG Daily
XLF punched through some resistance and is in a pretty bullish orientation. All the MA’s are lined up nicely – but it is doing this on low volume.
