Thursday, July 2, 2009

Update: Been Buying UNG

Bought some more natural gas (UNG) today. I almost filled an order at the close, but didn't quite get a fill around 13.00. But I made four purchases this week between 13.35 and 13.97, and have a pretty good sized position (for me). The 52 week low is around 12.70 I believe, and I'd buy a little more if I can get some in that range. It's tough to say what it will do in the near term, but mid-range, I think I'll be happy owning this one.

Slow day otherwise. The market sold off on that worse than expected (who's expectations?) jobs report, but not much else to report.

I've been in the camp expecting the rally to lose steam and it has. Summer trading often comes with lighter volume and less hype surrounding the market. I expect to see more pressure on stocks until there is more clear evidence of economic strength. Earnings could provide this, but it seems hard to do without the consumer. I'll continue to pick away at various stocks if the prices continue to fall.

We'll hit it hard again next week.

Disclosure: Long UNG

No comments: