2009-09-04 1:00 am
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We got a slight rally at the close today as we retested the 1000 breakdown. Something that looks like a downwards channel on the 30 min charts is now taking place.
I will look to close out VXX for now at the 980 level. A sell order at 62.5 never triggered, which wiped out most of the gains on Tuesday.
The 12/14 bull call spread I bought on UNG is now all but worthless. Glad that I didn't try to sell any puts though ... that would be quite painful. I'd like to say that we're at capitulation levels now but UNG is STILL trading at a premium to spot natural gas (wtf?).
