UNG continues to cut back against the grain, a la Gale Sayers on a record-setting, 6-TD day. Trading at 8.29, just off its intraday high while the Dow hits -257 points. Rotation? Money leaving everything else and piling into UNG, FAZ, VXX, SCO, TLT ... probably.Only 9 of the 39 nat gas plays I'm tracking are still in the green. By today's close, I expect to see a lot of short positions opening in natty gassers, especially the weak issues that have horrible fundamentals. UNG, though, has thoroughly surprised me. Goes to show that the most hated can become the most beloved overnight. It also shows that sector ETFs are here to stay, while leveraged ETFs/ETNs are becoming boo-hooed to death (Cramer).
Okay, UNG now at 8.32. I got out 32¢ ago. Doh!
[Update, 1:27 pm Eastern: UNG hit 8.41 intraday high, moving 17¢ in the past 15 minutes.]
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