It is currently trading down 1.5% on the June 11 trading day. It is a very interesting commodity because it often trades in the opposite direction to other markets (everything else is up in celebration of the Spain bank bailout).
I'm seriously considering shorting NG here at $2.483 through the end of the summer...there are arguments for both the bulls and the bears. However the bear argument is much better in my opinion. Plus, the recent spike at the rollover day (not for NG, the other big contracts) had allot of short covering, giving an especially good $2.483. Any thoughts?
Me too. Actually I am going to sell calls. The thing swings so wildly though that I will just get out once I get a decent profit. You could trade it from any side actually, it swings so much. One thing that could go wrong with that is if the Fed announces QE3 this week or G20 announces coordinated intervention this week. It might still be ok though for NG since it sometimes detaches from risk markets.
Natural Gas- It looks like it has made a "head and shoulder bottom" pattern and trying to breakout. Looks good for going long. Experts- please suggest.
Except for rollovers, I am still long from April 20th, I did take profit on half position of 8k per, and have reverted to weekly bars with a breakeven stop. I have no signals to tighten Protective stops.