Wednesday, August 29, 2007

Another bottom?

UNG (34.79), the natural gas ETF, looks like it has been making a bottom here. Oil hit it's lows last week, and gasoline went up today, and the refiners have caught a bid. The market is saying we've seen the lows in this complex. Natural gas still scares traders, as no-one seems to have a handle on how it trades.

This ETF is designed to track how natural gas trades on the futures market. Is it making a bottom? Who knows. But the option premiums in the calls indicate upside. You've probably had some hedge funds puking up their positions, and now could be the time to make some money off of their losses. And it's a nice way to trade gas.

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