I keep waiting

Dow Jones is down 223 fricking points, but UNG keeps inching higher. The notorious ETF (WTF in the eyes of many former shareholders) hit 8.22 a minute ago and is currently at 8.20.

I sold at 8.00 shortly after the open for a 1-cent loss. Very un-booyaaa. I'd re-enter at a better price, but UNG is acting like a safe haven, like a Treasury bond or TLT, except it'll probably reward the buyer far better than something that offers near-nada interest.

True enough, though, once the DJ got over (under?) 200 points down, natty gassers began seeping into that same Sea of Red. Half of the 39 I've been tracking are now negatoid on the day. UPL, which had been up more than 2%, is now down by a fraction of a percentage point.

Why is UNG holding up so well despite a spotty track record? As an ETF, track records mean very little. It's not an "ultrashort" type of vehicle, but has moved up on my list in terms of percentage gain even as that list gets more red by the minute. That tells me that UNG is likely overbought, possibly because of its attractive price (sub 10) more than anything. But the entire sector has been pummeled for a long time, especially UNG. The more hated it has been, the more loved it is at the moment. Who knows how much of this is a short squeeze?

See you, Birmingham, Ala.!