Well Puts

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

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.

I’ve been pretty quiet this week. I just haven’t seen any setups I like. I’m watching the following today.

• CRS, TIE
• ENER, JASO, WFR – I sold some 12.50 Sep ENER puts in my taxable account earlier this week. I may sell some more in my Roth if the 38.2 retr holds.
• ANW, FTO, HAL, MDR, UNG
  USO is fighting the 200 DMA and looks like a total chopfest.
• ZUMZ – BEBE took off. I missed that one.

I’m still holding DRYS. Lots of volume this AM and all the MA’s are getting lined up nicely. Be nice to see this one get on a tear. Also watching TBSI and DSX.