I hi-lited the natural gas chart, (ticker UNG) a couple of days ago suggested we watch it closely. The time has come for me to do more than watch as I am now long 1 unit of UNG at $35.60 with a stop at 31.89. We look to have broken a trend line of some significance. Also a small gap up from last week is still open which is a positive sign.
As my notes indicate, Plains Exploration ticker PXP (chart above) show an inverse head and shoulders having formed. I intend to get long 1 unit on a move thru $40.50. Take the time to punch up a weekly chart and you will see a nice looking hanging man candle on some volume which can be a signal of a bottom.
I have been watching my former friend ATP oil ticker ATPG (chart above) and want to get aboard this on a move, and more importantly a close above $23. The weekly view on ATPG also shows a hanging man on the candlestick chart.
Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".
Long 2 units of Ultrashort S&P ticker SDS @ 61.75 stop at $57.69
Long 2 units of Ultrashort Dow ticker DXD @ $57.85 stop at $53.79
Long 1 unit of US Natural Gas Fund ticker UNG @ $ 35.70 stop at $31.89
Short 1 unit Int'l Bus Machines ticker IBM @ $129.05 stop at $126.36
Short 2 units of Apple ticker AAPL @ $178.05 stop at $177.76
Short 2 units Salesforce.com ticker CRM @ $56.05 stop at $60.62
Long 2 units Hecla Mining ticker HL @ $5.20 stop at $3.89