posted on Sep, 3 2009 @ 09:06 AM
good morning all,
Well XLF said - hold on a minute, it came back up and is testing the 50 day moving average on the 15 min chart before continuing its decline.
it looks like the plunger team is at work this morning.
UNG put in a bottom and put in a buy signal is what its looking like still a little early but I'm in at $9.20 cents.
its a conspiracy - did you know it was time to buy Natural Gas... No, why
because they want you to buy it after it has went up 50 - 60 or 70% when I will say -- please take mine... please...
10:28 .. XLF is so weak it could muster enough get up and go to hold till lunch... the markets maybe worse off than I previously suggested. I
recommend moving to commodity based portfolio.
16:13 .. XLF seemed perky going into the close, if you want to call .13cents perky that is... (it all depends on how many shares you playing with)
anyway. I dont see a follow on for tomarrow morning.
overall the market is extremly tired, and sorely in need of a down turn.
however, if the ball starts rolling, it may not stop and they know this.
UNG closed at $9.07 cents slightly lower than my entry price of $9.20,
now thats 13cents. however, i have several things working for me.
1. seasonal demand should be picking up (called Fundamentals, never trust a word that starts with FU)
2. the Schocastics are bottoming off a downtrend and forming a base to rally off of. (it bounced up and down off of the bottom schocastic all day.
3. Support and Resistance - UNG is hovering above support at $8.87 and stay with the trade until it crosses this line... bail out if support fails.
that would mean we will form a new base at next support at $7.5 area.,
* as you can see, I have not mentioned one word about Price to Book or any other that other garbage they proclaim is how the market works. it doesnt
and its meant to confuse you.
[edit on 3-9-2009 by Anti-Evil]