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About Me
- joewxman
- a meteorologist with a knack for trading and investing in MLPS! I also like horse racing, enjoy cigars and a good port wine.
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2 comments:
Found this UNG read on "Seeking Alpha" today:
The US Natural Gas (UNG) has been bouncing around a lot lately, but was basically at the same levels Friday as it was three months ago (chart). (Click to enlarge)
Options activity has been steadily increasing in recent weeks, however, and some players appear to be looking for a break-out in the exchange-traded fund. For example, on June 8, with shares of the fund around $14.12, an investor paid $2.45 per contract for 130,000 October 14 puts. Bullish traders surfaced on June 8, 11 and 16th (Link).
On Friday, when natural gas was settling down 6 cents to $4.03, UNG was down 29 cents to $15.10 and an investor paid $1.35 for 80,000. 100,000 were traded by 3:00pm. An exchange-floor contact tells us the position was tied to shares at $15.42, probably a block of 2.56 million that traded at about the same time. If so, it is not necessarily a bearish trade, as it will make profits if the fund makes a sudden move higher or lower.
Goldman cut PAA to sell from neutral. Not good for me.
steve
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