UNG Continues Its Wily Ways

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One unsung (or should that be unsUNG) hero is the natural gas ETF, symbol UNG. Although this year has been tough on chartists, UNG behaves relatively predictably and reliably. I've got a six-figure short position on UNG that I established at $11.91, and it's performing nicely.

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Below is the adjusted continuous contract of natural gas itself, which has been in a sustained bear market (no "dot-gov" bounce for this one!). It's never going to $0, obviously, but it doesn't exactly look like it's setting up a base for a bullish run either.

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